Monday, Sep 17, 2007
Current generation sacrificing a pension for a home
The Press Association: Homes helping to fund retirement
The collateral damage from over-priced housing funded by excessive multiples and lax lending practices has potentially robbed the current generation of it's retirement prospects. The effects of the current governments policies with regard to housing, credit and pensions during their 10 years in office will be felt for the next quarter of a century.
Posted by enuii @ 11:10 PM (318 views) Add Comment
4 Comments
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1. wiltshire said...
It's about time the spotlight was put onto this 'miracle economy' nonsense. The only bleeding miracle is how they've managed to hoodwink so many people for so long.
I just hope people stop accepting the bullsh*t they're fed.
2. Housecrashwallop said...
I am sure that most people who frequent this site have many experiences of trying to describe these flawed economic principles to people, but the fact is they don't want to know, they see their house price going up and up and that is all they care about.
As for people saying their home is their pension, I am afraid they deserve everything they get.
3. uncle chris said...
I do feel for the 20 something generation - especially those who were convinced to go through further education. They have left University saddled with debt, with most unable to find a graduate-grade job. They have been encouraged by business to take on further debt - although to be honest this may have been just to cover increasing living costs. Take away the top 2% of earners and you have an average wage of £19,000, meaning they have little chance of buying a house at 10x their income, even if they did manage to save up a deposit and didn't have debt repayments to worry about. Many are living at home, with their only chance of ever owning their own home being when their parents sadly pass on. That is assuming the parents haven't "released equity" to live their lives out in style. To top it all off, the government are shouting at them about not saving for a pension.
I hope the ongoing financial meltdown gives the younger generation a better deal than they currently enjoy. With a few more prospects, maybe less of them would drink themselves into oblivion each weekend.
4. inbreda said...
"their only chance of ever owning their own home being when their parents sadly pass on."
assuming they are an only child, of course, oherwise they only inherit half a house.