Babyboomers: £220,000 in debt

Paid into what?

Into the coffers of the the country.

Whilst working and paying tax.

I do despair of these sweeping statements that make the newspapers, such as the cost of raising a child being £300,000 or whatever.

More granny bashing.

I wonder how much "baby boomers" would have saved if mortgage interest rates had not been around 15% for years? X

Where did you read this Petallus? Can you post a link please?

What a load of bollocks bullshit nonsense.

Couldn't have said it better myself Galen

I don't have a link. I was reading a Newspaper in a hospital waiting room and the report caught my eye.

Got to go out now but will try to locate report when I return.

Which year was it?

J52 I will never forget those crippling times when we were paying a mortgage at 15%. I also think, quite smugly a few years later that I had negotiated one at 7.25%! Today's house buyers would faint.

I think this must be it.

www.theguardian.com/uk-news/2014/mar/09/baby-boomers-survey-affluence-inequality

Yes I remember the 15% morgage! and I also remember a bill that used to land on my mat a couple of days before Xmas for something called supertax?
I hasten to add that was when I was a GP. Not nearly as well paid as a civil servant.

My first mortgage was at 12.25%, with half a percentage penalty for having an endowment.

Even with Mortgage Interest Relief at Source (MIRAS), the interest rates when we were young parents were crippling.

We had a 15% mortgage too, it took my whole monthly salary every month.
All I can say is that some must be taking out a lot more than us, the tax we pay must be keeping the whole of benefit street.

Where do care costs come into this equation?

I was penalised when I had an endowment mortgage because I have a long term chronic illness which did not cause any problems re my work or the mortgage company as they got their money every month. My salary covered the mortgage and we lived on the salary that my ex earned.

When we parted company I had to move and downsize.

Also, today there is a great deal of retail competition. We had very few choices when buying clothes or anything for the home. Now everywhere is trying to undercut each other.
Just come back from buying GC some new clothes and didn't pay full price for anything! The well known food and knicker shop has amazing bargains!
(Spending my Babyboomer pension!)x

And then there was the free child care, elder care etc that many of us provided. More divide and rule nonsense.

not good for your BP to read this article or the comments.
the only thing I found rang true was that this disparity is between rich and poor not generations.
it is true that the average 'boomer' (how I hate that label) has a household income of around £24K and although they may have paid off their mortgages this has been done by dint of working and saving hard.
it is all very well citing - you bought your house for £8K and we have to pay £150K for the same house - BUT the salary at the time of buying that £8K house was probably less than £4K per annum
it is only in the last 10-12 years that house prices have been bid up by reckless lending and easy credit. These same ridiculous house prices apply to BBs as well as everyone else if they move house.
this is the Guardian - so find they are often economical with the truth
and the final thing - we pay tax too

Thanks Ana.

In the 11th para of the article it does quote the £220,000 I mentioned in the OP.

I would want to know a bit more about how this figure was arrived at before I decided it was 'bollocks/bullshit/nonsense' (quote from above)

I was not concentrating when I wrote previous post...
But I would like to say:
Averages are very misleading. There are a fair number of property rich people living in the south east - enough skew any calculation of the average (mean) to make it look like we are all well off.