There is a tendency on Gransnet for people to relate their own situation as if it applies to the majority of the population. Just because somebody has a relative, friend or acquaintance who has a good income but spends their money on holidays and other non-essentials, that does not make them typical.
In the I today it was reported that the average rent in the London area is now more than 50% of average earnings. That is a heck of a lot of money, when you consider that other expenses - like transport, insurances, possibly childcare costs, energy and water bills, council tax, food, clothing, etc. - have to come out of the remainder. I would imagine that other cities like Birmingham, Manchester and Brighton have also seen rents increasing.
Not all adult children will have the benefit of inheriting enough money for, or to help towards, a deposit, and families who don't own a property are unlikely to be have significant amounts of money to bequeath. The 2008-2010 figures of the Office for National Statistics show that, of those 1.6 million beneficiaries who receive at least £1,000, half were left less than 10,000. Only one out of ten received more than £125,000. As would be expected, rates of inheritance were higher for individuals living in households which already had the highest levels of wealth.
When professional people - such as teachers, engineers, paramedics and nurses - find themselves, perhaps in their late 20's and early 30's, having to share a house with several other people, I can't see how it can be said that "expectations are higher". I think most younger people would just like somewhere to live that isn't costing them an arm and a leg and which gives them some degree of comfort, security, privacy and autonomy. I doubt that the majority of people would choose to rent if they could possibly afford to buy - because rental accommodation these days is often sub-standard, very expensive and insecure.
