I created an Ideal Person for my Twilight House design on Venngage. This is my client for my Interior Design
Being able to afford a home now in the UK is becoming increasingly difficult with 'up to 1/3 of millennials (people aged 23-38 as of 2019) may never be able to own their own home' (Finance, 2019). The property value to ratio income in 1996 was 3.55 and in 2021 it was 10.01 and over the last three years has increased further. For Baby Boomers by the age of 30, around 50% owned property and for Generation X this dropped to around 45%. My own interior design was targeted at the Generation X Market as they still have earning power and should be at the top of their earning potential so this home would suit them as they want to start winding down from full-time work or would prefer a more flexible working pattern that enables them to have a more balanced home/work life. This home should enable them to work remotely and include smart technology to ensure that remote working is as seamless as possible. In terms of retirement, a study by Dunstan Thomas showed that Generation Xers have a 'patchwork quilt' of pension pots and they often are dormant or not consolidated, and 'the average total pension savings of the average Gen Xer resident in the UK is £159,837 and they put in just over £200 each month.' (Thomas, 2024) However the gender gap for Gen Xers is wide with 'the average pension savings of UK Gen X Men (aged 39-54) is £186,611 and average pension savings of Gen X women is £117,854 (37 per cent less)' (Thomas, 2024) Women put a lot less money aside for pensions at just £139 per month compared to men you save £253 per month on average. This gulf in pensions and the ability to live through retirement is compounded by the fact on average women live longer. 'As of 2020 the life expectancy for men in the United Kingdom was 79, and almost 83 for women, compared with life expectancies of 75 for men and 80 for women in 2002.' (Statista, n.d.)
The home I am proposing here is aspirational and as per my Ideal Customer above and research carried out, it is far more likely that a man of Generation X would have the ability to own this home and live here on a decent income through his remaining working years and be able to retire here. As a Gen X woman, I can say from personal experience that figures from Dunstan Thomas bear out my own experience and I am close to the average on how much I add to a pension each month.
References
Finance, A.B.C. (2019). The Truth Behind ‘Generation Rent’ - ABC Finance Ltd. [online] ABC Finance. Available at: https://abcfinance.co.uk/blog/generation-rent-study/ [Accessed 28 Feb. 2024].
Thomas, D. (2024). ‘EXPLORING THE RETIREMENT PROSPECTS OF GENERATION X’ Consumer Study. [online] Available at: https://www.dthomas.co.uk/content/fs/downloads/GenX.pdf [Accessed 28 Feb. 2024].
Statista (n.d.). Number of deaths in the UK 2018. [online] Statista. Available at: https://www.statista.com/statistics/281488/number-of-deaths-in-the-united-kingdom-uk/ [Accessed 28 Feb. 2024].
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