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I'm in my 20's. I grew up in different places around the world so have no idea what a recession is like. We were never well off but always had what we needed.

It's difficult to know whether to leave the country when I have no experience of a recession, let a lone 'the worst one ever'.

I have no dependents, a little saving and £8000 of student debt. Really wondering whether I should escape to Asia in the spring as my ambition to become self-employed may be limited here.

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32

I don't remember much of the 70's. The 80's also passed me by albeit my parents had a bumpy ride, they kept the family together and us kids did not mind having no central heating and second hand clothes. My Dad worked in North Wales to ensure my and my sister's 'untroubled' childhood. He was with us so little that my mother had a dubious reputation!

The 90's were tougher based on my limited memory. My Dad lost his job after working in Rotherham for two years after his employer moved there, apparently you could get hydralic engineers of the street in Rotherham, so they imported one from India.

Noughties, I lost my job last December, but have just got a new one. My salary is what I was earning in 2004 (ignoring inflation) as a new and inexperienced graduate in a practical discipline. I am however very pleased to have got a job at all for as long as it lasts. As someone who has real, serious health issues I see employment as worthwhile only because of it's partial potential hedge against inflation, and employment doesn't sit easily with me. My Dad was laid off last year, so was my Mum (both engineering). My mother now works for an accountant, my Dad looks after us all.

Bridget

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im 22

just completed on my latest flat 2 weeks ago.

only buy 1 up 1 down propertys (massionetts) (and no worthless new build)

left school at 16, worked in waitrosed for 2 months and relised why people told me to stay in school. trained as an electrician and qualified.

Worked stupid hours as a sparks, worked 20 days on the trot at one point :huh:

Now dealing in contempory/modern/urban art which is paying well in times liek this and have my portfolio of propertys with a good healthy amount of equity.

All im noticing is, as everyone has my money is not gettin as far as it would if i had this money 2/3 yrs ago. Other than that im not really feeling he pinch other than i wish i had more money to buy up the bargains.

But since i didnt listen in school im listening now.. you have to crawl before you walk so taking it easy. :rolleyes:

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I have no dependents, a little saving and £8000 of student debt. Really wondering whether I should escape to Asia in the spring as my ambition to become self-employed may be limited here.

Can you speak other languages? Id leave in a jot, but most other english speaking countries seem to be afflicted with the same problems and im crap at languages.

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Age 45

I remember the recessions of the 70's, 80's and 90's.

However the memory that was my most abiding economic schock predates all of these.

As a small boy I remember decimalisation, and how a mars bar went from 3 old pence to 3 new pence seemingly overnight. If you think 20% food inflation is bad now try instant 100% inflation.

Of course my parents managed to convert the currency more accurately so my pocket money stayed the same in real terms -- B**stards

It's interesting this. Same thing happened with the introduction of the euro and the introduction of GST in Australia...suddenly everythign is more expensive. B'stards.

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60.

70s recession. Remember doing audits by torchlight in the 3-day week in ghostly factories as all the workers had gone home.

80s recession - good to me as I was running Govt-financed courses for redundant managers

90s - bit iffy, was geared up to the eyeballs & on bad terms with OH & trying unsuccessfully to sell house. However, blessing in disguise as when banks make threatening noises to two warring accountants, one puts aside one's differences in the face of the common enemy, gets out the 14-column analysis sheets and sorts the finances out! Sold said house eventually in Aug 2007, still with OH and sitting (slightly nervously) on a heap of cash and a public-services inflation-linked pension

More worried for my kids than I am for myself - their chances of decent jobs are so much lower.

Edited by cartimandua51
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25

I remember my dad getting made redundant twice in the late 80s and early 90s, but didn't understand it all that much. He got made redundant from his job in Edinburgh in 1989 and made a bit of a loss on the 6 bed house he'd bought in 1987 so we moved into a 3 bed in London where he found new work. Made redundant again in 1992 but he got a new job fairly quickly. My mum only worked part-time as a waitress in the evenings and while we were never well-off, we did okay.

I've just been saved from redundancy at my firm. Was in a consultation period while they restructured and they've got rid of about 10 people in my department alltogether, though most of those resigned in the past few weeks after finding new jobs so only 3 people actually got made redundant. I got very pissed last night to celebrate.

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Over 40, my first PC was a Comadore 64.

I remember the last crash and like this one it started just after strangers began pooling capital and buying houses together. Next step, total collapse of the building trade and realy cheap second hand cars.

I lost my job at Patric Stonemasons in Farnham because no one could afford solid marble fireplaces anymore.

Before that, i remember the sugar shortage and being made to wait until my parents had gonne through the check out before i went through with my bag of sugar, then we met up in the car park with the stash.

You could buy a Yorky bar for 9p,

Edited by charliemouse
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Age 45.

70's recession - principle memory - scratching around in the coal bunker of our council house for the last bits of coal.

80's recession - principle memory - first job as a Civil Servant as no other jobs available. Hated it so went to live on a kibbutz during the miners strike.

90's recession - principle memory - Had only just began IT contracting in 1989 - fortunately managed to pay off the mortgage for a studio flat within three years before the contracts dried up.

Personal Observations.

In the 70's, even though our family home didn't have central heating, we did have that security of tenure.

In the 80's, again the security of tenure, saw people through the hard times and dole was less strict.

in the 90's, because property was still relatively cheap, it was possible to stay on the ladder even during hard times on a low wage.

As other posters have said, this time will be different because of the size of the debts, the lack of high paying jobs, the lack of council housing, and the general selfishness of the modern population. It's not going to be pretty.

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I'm 37 and in 1987 I started working in a Building Society.

At the tender age of 16 and 10 months I went into the mortgage applications department. I worked through the end of MIRAS and dealt first hand with the guzumping that took place, contract races, people jumping up and down for revised offers and advance cheques in order to secure a house.

Stayed there until 1997 and saw the effects of negative equity and high interest rates.

For the last few years, before I left, I was dealing with MEW applications. The lending criteria was so strict. No Advances Officer was going to put their neck on the line for a mortgage that would go t!ts up. I still struggle to understand how it got so silly - wouldn't have happened in my day!

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I'm 36.

My first political memory is of Callaghan resigning and Thatcher taking the job as PM.

I remember the economic and social upheaval that followed and everything else ever since.

The early 80's in the UK were grim as I recall. I'm concerned that what is about to hit us is going to be a lot worse.

Snap

Vague memories of the winter of discontent - probably more from TV as I grew up in Cambridge,

Remember early 80's recession, Falklands (fukkin great aged 9), Miners strike.

Although it didnt directly affect me early 90's recession burnt itself into my memory. As a trainee Inspector with the council saw lots of formerly wealthy people living in hostels, B&B's, shit accomodation.

Actually it was the massive layoffs in the city after 1987 that steered me away from that sort of career.

Vowed never to overstretch myself. Never borrow money - 2 exceptions that being student loans (reinvested ;) ) and a mortgage

Edited by Kurt Barlow
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AGE 53

70`s I married in 76...didnt understand recessions.My parents instiilled in me values that have not made me paper rich but also stopped me getting into debt over my head...worked paye

80`s was self employed..still didnt understand recessions.Fortunately was risk averse so didnt get in over my head but didnt make much paper money....

90`s divorced..travelled...still didnt understand what a recession was..moved in with a woman on a council estate...night clubbed (yes I know oldest swinger in town but it was great,my woman was very passionate.Didnt save, started using credit cards,wondered "how do some people do it, but also why work so hard" ? ...deep down knew something was wrong with the system.

2000. Sh*t hits the fan lose parents,brother,and left my lady....penny began to drop...get real..."no ones going to look after you". Paid off and cut up credit cards..concentrated on becoming as secure as possible.

Today...am left wondering what will happen in ther next 30 years or so.Recently bought a freezer to stock up meat and veg (will rotate stock)...stumbled across HPC...I now understand what a recession/depression is..We are entering the biggest one of all time imho :-) Thinking of growing veg in my garden.My father had an allotment from when the war ended up until he was in his 70`s :-)

Edited by tiggerthetiger
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Started work as a clerk for the Council in 1965. Seen a lot of political lies and economic history since then. Generally, across the years, things have got better. Because neither my wife nor I cared for the material things, they came along quite well. Happily, my three kids in their late twenties have not got caught by the debt thing either. Boom and bust will always happen, especially for some parts of the population. Denying that it could happen was just nonsense, Mr. Brown, a triumph of statistics over real experience.

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Great thread, this one. A real snapshot of what recessions actually mean to individual human beings.

If young people would read this, it might instill a valuable sense of the insecurity of human affairs, and their essentially uncontrollable nature.

Life is what happens while we are making our plans, as someone said.

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I was just entering big school when the recession hit. I was autistic for current affairs and hated Maggie so I lapped up everything that was happening in the news. My folks had been thinking of moving throughout the housing boom but my Mum was fussy so we never moved. At one point our house was valued at a mental 120k. In the mid-90s they looked at moving again and the value was more like 75k.

In the early nighties I remember that negative equity was always in the news and on Points West they were always featuring worried people in Bradley Stoke, the negative equity capital of the UK, which had been renamed Sadly Broke.

A few friends' Dads were laid of and one of my friends' Dad's businesses went under but for the most part everyone we knew was okay. The poll tax marches were interesting and a few years on there were lots of small protests by public sector people about the tory spending cuts. Outside school there were loads of people shouting 'Sack the tories not the teacher'. We all said, 'Sack the teachers, sack the tories'. Great days.

Edited by CrashedOutAndBurned
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28.

Dont remember it. Too busy BMX'in and trying to programme my Spectrum. I remember we didnt have much.

Hmmmm

Need to adjust this poll I think!

I am 34 and was at school during the last recession, about 16,17.

It utterly passed me by. Did not affect me one iota. My dad kept his job, and with hindsight it was probably a bit dodgy, but his company was always doing rubbish anyway. In the end they went bust in about 1998!

My personal financial circumstances seem to be the exact opposite of the UK financial situation. I was ksint until I was 16, then got my first holiday job in 1990

so: (UK) and "me"

1980s: (Boom time) "Skint on maximum 50p a week pocket money and tight parents..."

1990: (recession starts) "rich" with first wage packet

1992: (beginning of recovery) "skint again" as a student

1995: (economy growing quite well) "even more skint as graduate student"

1999: (dot com bubble?) "first proper job - felt rich"

2000: (Economy growing) "first mortgage - skintish again!"

2003: (economy doing apparently very well) "had a baby, even more skint"

2005: (peak of boom?) "another baby, bigger mortgage, even more skint"

2007: (beginning of downturn) "got big promotion, better paid than ever"

2008: (all going t1ts up) "got my first ever bonus and loads of shares, better off than I have ever been"

So there you are, I am an anti-lodestone for the economy. If I get made redundant, you will know the recovery has started :lol:

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