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four and had to look after the others, but she passed her 11-plus, got to
grammar school and became a teacher. My Dad was a teacher too. After he was
offered a job lecturing at Durham University, my parents moved north to
Sedgefield. At that point, they didn‘t have much money but they managed to buy
their own house. House prices were low then because of the miners‘ strike. I
guess they got lucky at the right time. It wasn‘t easy for Mum and Dad bringing
the three of us up and paying off their mortgage at the same time. Things have
worked out, though. With their pensions, their house and the money they‘ve
saved over the years, I think Mum and Dad will enjoy their retirement when they
get round to it. When I decided I wanted to go to university, they were very
supportive, just as they‘d been for my brother and sister. I didn‘t qualify for
a grant but I do have a student loan. I am careful with what I get and make the
money last. Mum and Dad didn‘t want me to get a job so that I could focus on my
degree, so they help me out as much as they can, paying my rent and as well as
my tuition fees. I think I am quite lucky in comparison to friends at
university. When I think about the future, I worry about money but I think
things will be okay. Mum and Dad definitely won‘t be leaving me with any debt,
that‘s for sure.‘
* GENERATION GAP: QUIDS OUT
MATT GIBBINS, 21, LONDON.
‘I am very worried about money and I see myself leaving university with
student-loan debts of around Pounds 15,000. My parents have helped me a little
financially, but they like to enjoy life, rather than saving for my
inheritance. I‘m not complaining about it. It‘s what everyone does now. They
have bought a house in Spain, a villa with a swimming pool, which they are
going to use as their retirement home. They sold our four-bedroom family home
in Woking, and are living in a downsized two-bedroom flat. They love their
house in Spain and I don‘t begrudge them spending the money now, even though I
did expect more from them. I‘m an only child, too. I work in an office during
the day in the holidays, and in the evenings I work in a pub. I am permanently
worried about money, and even though I‘m earning a reasonable amount in the
holidays, I still need student loans to tide me over.
When I leave university I‘ll be on my own, and I can‘t imagine getting on the
property ladder around here -a little flat in Woking costs at least Pounds
200,000. It will be years before I can afford my own place. I do have friends
whose parents have paid for them to go through university and it can make me
feel envious, but my parents have their own life and I don‘t see why they
shouldn‘t enjoy themselves. It‘s just hard for me to set off in life with all
this debt round my neck like a millstone. I am very worried for my children in
the future, as going to university is becoming more expensive, coupled with the
cost of living.
People don‘t expect to save in the way that they used to, so there is going to
be a growing expectation that children have to fend for themselves.‘
* THE SORRY TALE OF ACACIA AVENUE
Who could afford to live at number 13?
1983 HOUSE COST Pounds 117,093
Male teacher with a wife working part time as a secretary, using 11% of income
as deposit
1992 HOUSE COST Pounds 130,962
Male head teacher, wife working part time, using 12.2% of income as deposit
1997 HOUSE COST Pounds 163,048
Consultant paediatrician, husband works as teacher, using 12.2% of income as
deposit
2006 HOUSE COST Pounds 400,000
City solicitor, buys for buy-to-let - three junior teachers rent as three
small flats, using 35.4% of income as deposit
ACACIA AVENUE: RESEARCH BY CHRIS COOK; FIGURES FROM THE COUNCIL OF MORTGAGE
LENDERS, THE DEPARTMENT OF COMMUNITIES AND LOCAL GOVERNMENT, THE ECONOMIC AND
SOCIAL DATA SERVICE, THE FAMILY RESOURCES SURVEY AND THE FAMILY EXPENDITURE
SURVEY. ALL PRICES ARE IN 2006-7 POUNDS.
Copyright (C) The Sunday Times, 2007
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