Jump to content
House Price Crash Forum
Sign in to follow this  
interestrateripoff

Middle Aged And Middle Income Struggling Most To Save

Recommended Posts

http://www.telegraph.co.uk/finance/personalfinance/savings/8357854/Middle-aged-and-middle-income-struggling-most-to-save.html

Forty per cent of people aged between 45 and 54 are unable to save anything due to the financial burdens of both elderly parents and young adult children.

This age group, so called the "sandwich generation" because of this dual financial burden, are failing to make valuable contributions to their pension savings according to the Scottish Widows Savings and Investment Report.

This age bracket has the highest number of non-savers according to the report – equating to 3.5 million people across Britain.

It is not just the middle aged who are unable to save in the current economic climate.

Despite common preconceptions, it is not those on the lowest incomes that are struggling most to save, but individuals earning between £20,000 and £30,000.

Bit of a VI report, but the claim that people can't afford to save appears to be growing ever stronger. Still the low base rate and increasing inflation make it an appealing thing to do.

Share this post


Link to post
Share on other sites

that generation was the most venal loudmouthed mustique-holidaying ar.se-burp of a group of people while they were championing the equity-withdrawal craziness of the boom years

shoulda tried saving 10 years ago or buying a smaller house

fook'em

Edited by Si1

Share this post


Link to post
Share on other sites

that generation was the most venal loudmouthed mustique-holidaying ar.se-burp of a group of people while they were championing the equity-withdrawal craziness of the boom years

shoulda tried saving 10 years ago or buying a smaller house

fook'em

Well said, if you want to have any latest luxury (some might say essentials which I disagree) that is coming to market on debt, that's what you should expect. Buy the latest flat LCD TV, the bigger it is the better - never mind the price because it is on my CC, the biggest house, the most recent car, the latest Ipad, the Iphone, ....., all on credit. The list never ends. I know it is very tempting and hard to stay away, but sometimes having a little bit of wisdom prevents you of being in this situation/mess.

Share this post


Link to post
Share on other sites

that generation was the most venal loudmouthed mustique-holidaying ar.se-burp of a group of people while they were championing the equity-withdrawal craziness of the boom years

shoulda tried saving 10 years ago or buying a smaller house

fook'em

OTOH - the bottom end of that age group may be paying thier kids university fees and/or funding their kids during their search for a job post university.

Equally as valid a characterisation. Both are true, in part.

Share this post


Link to post
Share on other sites

OTOH - the bottom end of that age group may be paying thier kids university fees and/or funding their kids during their search for a job post university.

Equally as valid a characterisation. Both are true, in part.

doubtless - was just going on personal experience

Share this post


Link to post
Share on other sites

doubtless - was just going on personal experience

Sorry to hear it. I was surpised first time I came across what I felt to be an abandonment of responsibility to children 'because they're grown up' - but I now know this is more common than I'd like.

I can understand your feelings.

Share this post


Link to post
Share on other sites

that generation was the most venal loudmouthed mustique-holidaying ar.se-burp of a group of people while they were championing the equity-withdrawal craziness of the boom years

shoulda tried saving 10 years ago or buying a smaller house

fook'em

barstard

Share this post


Link to post
Share on other sites

Sorry to hear it. I was surpised first time I came across what I felt to be an abandonment of responsibility to children 'because they're grown up' - but I now know this is more common than I'd like.

I can understand your feelings.

to be honest, my own generation, the 30 somethings, are equally sh*t in this respect, savign grace being that they did at least have to pay down student loans and didn't get a cheap house to equity withdraw from, whilst the current 20-somethings seem to be a good bunch of sensibles

Edited by Si1

Share this post


Link to post
Share on other sites

that generation was the most venal loudmouthed mustique-holidaying ar.se-burp of a group of people while they were championing the equity-withdrawal craziness of the boom years

shoulda tried saving 10 years ago or buying a smaller house

fook'em

Isnt it great getting tarred with the same brush :rolleyes:

Share this post


Link to post
Share on other sites

to be honest, my own generation, the 30 somethings, are equally sh*t in this respect, savign grace being that they did at least have to pay down student loans and didn't get a cheap house to equity withdraw from, whilst the current 20-somethings seem to be a good bunch of sensibles

Totally agree. The 20-somethings can be more shafted than most by the current state of affairs but IMO many of them offer a lot for the future.

Share this post


Link to post
Share on other sites
Forty per cent of people aged between 45 and 54 are unable to save anything due to the financial burdens.

Ding, Ding, Ding

The spanner in the works.

This is a middle class that the current Government is reliant upon to create jobs but it's a middle class that's already squeezed. Burdened with boom year hangovers. I won't go into it in depth but I work for a small company and I can see the writing on the wall now.

The company is frankly sinking from the weight of a fattened management that's used to high salaries. They've already cut cloth where they can but it's not enough. Margins have been squeezed and I can see the next Tsunami approaching. The company (like many others) are losing their competitive edge because they're's hardly any fat left, we're no down to the bone. it's a middles class in denial trying to squeeze out what just isn't there.

This is where printing money is falling down. What we need is a default, until then it's going to gradual grind downwards.

Share this post


Link to post
Share on other sites

that generation was the most venal loudmouthed mustique-holidaying ar.se-burp of a group of people while they were championing the equity-withdrawal craziness of the boom years

shoulda tried saving 10 years ago or buying a smaller house

fook'em

Gulp......does that mean I can take off the hair shirt and stop beating myself now as I'm not quite as bad as I thought I was?

(60 + and still trying to save!)

Edited to add "still" to trying to save!

Edited by Boomer Baby

Share this post


Link to post
Share on other sites

Gulp......does that mean I can take off the hair shirt and stop beating myself now as I'm not quite as bad as I thought I was?

(60 + and still trying to save!)

Edited to add "still" to trying to save!

my problem has always in the main been with the late boomers contingent, you lot, the early boomers, have never seemed so bad

Share this post


Link to post
Share on other sites

my problem has always in the main been with the late boomers contingent, you lot, the early boomers, have never seemed so bad

so, all boomers are bankers and politicians.

Share this post


Link to post
Share on other sites

Bit of a VI report, but the claim that people can't afford to save appears to be growing ever stronger. Still the low base rate and increasing inflation make it an appealing thing to do.

Well, let's see ...

Among the middle-aged, middle-income,

  • those who had the help of BoMD now expecting to become BoMD for their own offspring ...

  • those who had no help of BoMD working to be able to buy a house before they retire (that age 37 average FTB is telling - it indicates approx. half of FTBers above that age).

Any more?

Share this post


Link to post
Share on other sites

There is also no correlation between how good your salary is and how good you are at saving money. my father is what you could call a middle earner on 50k yet wasted a lot of moneyt by buying a 'gite' in France. Thinking he could retire there, but he missed out the little issue of needing money to live while over there.

Share this post


Link to post
Share on other sites

There is also no correlation between how good your salary is and how good you are at saving money. my father is what you could call a middle earner on 50k yet wasted a lot of moneyt by buying a 'gite' in France. Thinking he could retire there, but he missed out the little issue of needing money to live while over there.

50k is a high income - this article dealt with people on 20-30k. Just not an insanely high income.

A gite in France, like any other second home, is definitely a luxury of the rich. From high income to that scale of rich is still quite a jump.

Share this post


Link to post
Share on other sites

There is also no correlation between how good your salary is and how good you are at saving money. my father is what you could call a middle earner on 50k yet wasted a lot of moneyt by buying a 'gite' in France. Thinking he could retire there, but he missed out the little issue of needing money to live while over there.

He fancied being a gite owner, and used the retirement excuse to make it sound sensible and prudent.

I'm a trustee of our company's pension scheme, I talk to a lot of middle and high earners about their retirement planning and it's scary how many people (with good incomes and credit ratings, so able to put their ideas into action) are seeing current property falls as the perfect opportunity to augment or replace their pensions with BTL or overseas holiday lets.

I don't believe their plans will work out for them either, but you might as well argue with a gold bug...it's not about logic, the bricks and mortar conviction is an article of religious faith.

Share this post


Link to post
Share on other sites

People on lowest incomes can save obviously , because they have all their bills paid by the state.

They should have a far lower standard of living than someone that actually works , not a higher one.

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...
Sign in to follow this  

  • Recently Browsing   0 members

    No registered users viewing this page.

  • 311 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.