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THEY'RE YOUNG, RECKLESS AND FACING A SCARY FINANCIAL FUTURE. MEET THE THIRTY-SOMETHINGS WITHOUT ANY SAVINGS (TISWAS) NOW PAYING THE PRICE FOR YEARS OF SELF INDULGENCE

By Jill Foster

Strolling through the millionaires’ playground of Puerto Banus in Spain, Vicky Hopkins felt totally intoxicated by the glamour.

To her right, multimillion-pound yachts glistened in the harbour.

To her left, boutique windows offered the temptation of luxury designer goods.

Vicky was almost light-headed with excitement.

Spotting a gorgeous £1,000 dress in the window of the Versace store, she didn’t think twice about splurging.

“I just fell in love with it,” she says.

However, high-end fashion wasn’t Vicky’s only weakness.

“I loved splashing out on long weekends to European cities and trips to Dubai,” she recalls.

“I’d spend £1,500 on a five-day break there. I also ate out a lot.”

In fact, life was one long holiday for successful sales and marketing manager Vicky when she was in her 20s and early 30s.

She was earning more than £30,000 a year, so she could afford to treat herself.

Today, that’s something Vicky deeply regrets.

Now 33, she’s a single mother to 22-month-old Abigail and living in a two-bedroom house in Dewsbury, West Yorkshire.

She split from her ex-fiancé shortly after their daughter was born.

Holidays are now a thing of the past, and the only ‘designer’ clothes she buys are Florence & Fred at Tesco.

Vicky is a fully paid-up member of the TISWAS generation – adults born in the ’70s and early ’80s who have made no financial plans for the future.

Experts recently coined the phrase because the group grew up with the Saturday TV show of the same name – only TISWAS now stands for Thirty-Somethings Without Any Savings.

“Looking back, I was a ‘live-for-the-moment’ kind of person,” Vicky admits.

“Now I wish I’d had the foresight to think about my financial future.” 

Vicky isn’t alone.

According to recent research by Skipton Building Society, more than half of under 35s contribute nothing to a pension, and face working until an average age of 76 before they can afford to retire. 

Jasmine Birtles, founder of finance advice website Moneymagpie.com, says: “I’m worried for the TISWAS generation.

"For the last 20 years they’ve lived in a ‘buy now, pay later’ culture and they haven’t worried about how much debt they’re racking up – it’s frightening.” 

Vicky, who now works part-time in marketing and earns £17,000 a year, says she wishes she’d been more financially sensible.

“It gives me sleepless nights,” she admits.

“Being a single-income household with a child is tough.

"The money I get from Abigail’s father goes on food and bills.

“I owe about £6,000 on three different credit cards, but these days I don’t indulge in anything.

"I spend £550 every month on my mortgage and household bills, and £100 a week on three days’ childcare. 

“There are certainly no pricey holidays or designer clothes.

"We shop at Tesco, Asda and Primark instead.

“Many people of my generation are too short-sighted and just live for the moment,” Vicky adds.

“I have one friend who has spent like crazy and now has about £60,000 of debt.

"She’s considering declaring herself bankrupt.

“I don’t want to be a burden on Abigail when I’m older.

"But if I carry on the way I am, she may have to support me, which would be totally unfair on her.”

MY KIDS WILL HAVE TO KEEP ME WHEN I'M OLDER

Marie Pelissier, 30, earns £20,000 a year as assistant manager of a wine shop. She rents a flat in London with her fiance Ralph, 28, a music equipment specialist

I spend my money as fast as I earn it.

I might as well have fun while I’m young and before I’m tied down by serious responsibilities.

Ralph and I want to get married and have a child soon, but it’s important for us to experience all the things an exciting city has to offer, like restaurants and clubs.

We love going on luxury holidays too – we went skiing in Switzerland in January, which cost us about £750 each.

I’m £2,000 in debt, which I’m still paying off.

I can’t afford to set money aside every month for a pension and still lead the same lifestyle.

It sounds awful, but I’m an only child, and in the back of my mind I know I stand to inherit my mother’s property one day.

She was always careful with money and has a farm in France.

We’re not on the property ladder yet and I know that people might think I’m foolish with my money.

But if I don’t have cash in the future, my children will just have to look after me!

 

'BLINGOREXIA' IS SPENDING THOUSANDS INTO THE RED

A generation obsessed with competing to have the best gadgets, cars and jewellery is falling into serious debt, according to a survey by mobile banking service Monilink.

Three-quarters of people aged 16 to 34 are splashing out on the latest must-haves without knowing if they have money in the bank to pay for them.

Nicknamed ‘blingorexics’, one in three admit to having sleepless nights over their finances, and 62 per cent are still paying off debts from purchases made last year.

 

Are you thousands of £s in debt? Do you think about saving for your future? Or would you rather live for the moment? Do you think there’s more to worry about in life than money?

CLICK HERE NOW TO JOIN THE DISCUSSION

 

Photography: Nigel Hillier, Lancton Hair and make-up: Ava Maurer, Sarah Bowden Styling: Larissa Goerner Marie wears dress, Littlewoods Direct (0844 822 2321) Shot at Beach Blanket Babylon (beachblanket.co.uk)