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fru-gal

Why Millennials Go On Holiday Instead Of Saving For A Pension

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Ain't nothing wrong with hedonism.

The generations just back of them...boomers & X'rs... had plenty of it.

They just had the fortune to live through a generous and naive period of banking & state handouts that the new ones won't.

But they will die off and wealth will be redistributed, somewhat.

The problem with the whole situation is that it can no longer be contained within your community and relies on foreign intervention; labour, investments, etc...

And the foreign investment, and their kids, wants it too. Perhaps (or most certainly) more than you do.

So yeah. The 'millennials' are aware of this fact and have grown apathetic, and are pretty much immune to the torrent of 'consequences' shoved down their throat from media.

They are also more intellectually tuned up that any generation in history with the power of instantaneous & (mostly) free information at their fingertips.

It will all work out in the end, and they know it.

Edited by cashinmattress

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Awesome...

Today’s 25-year-olds need to save the equivalent of £800 a month over the next 40 years to retire at 65 with an income of £30,000 a year, according to Rebecca Taylor, director at the Chartered Institute for Securities and Investments.

“I don’t think people realise how much they need to save to get a decent income later on,” Ms Taylor says.
At best, millennials are likely to be paying 5 per cent of their salary into a pension pot with another 10 per cent contributed by their employer. To save £800 a month, they’d need a salary of more than £60,000.

Insane.

I think i'll set up a gruel making business, we can slap the poor 'n' old to make them warm before taking their money.

'Gruel King' or 'Costa Gruel'?

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Do they? I read an article (forget where) illustrating the biggest growth area for tourists is not millenials, but actually women over 50 travelling alone.

I see lots of figures in the article relating to housing and pensions. Not one pertaining to how much is spent on holidays. As such, I will treat the article with skepticism.

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Awesome...

Insane.

I think i'll set up a gruel making business, we can slap the poor 'n' old to make them warm before taking their money.

'Gruel King' or 'Costa Gruel'?

Funny, isnt it. 10,20 years ago, we're told all we need is a bit more immigration, and our pensions issues will be sorted. Fast forward to the current day, and its worse than ever.

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The answer is in the article:-

Today’s 25-year-olds need to save the equivalent of £800 a month over the next 40 years to retire at 65 with an income of £30,000 a year. At best, millennials are likely to be paying 5 per cent of their salary into a pension pot with another 10 per cent contributed by their employer. To save £800 a month, they’d need a salary of more than £60,000.

When I was the equivalent of a millenial, I was herded into a large room with the other starters and introduced to the world of pensions of which at the time I was completely cluless about and not interested in. At that time 1983 the difference between retiring at 60 instead of 65 was 50p/week, as far as I was concerned that was money well spent, to others it was the price of a pint and completely out of the question.

Now, thanks to no longer working in the superannuation sector and being in the money purchase area I have to contribute 25% of what I earn and am still short of target. So the option is to pour ever more in and live even more frugally or just give up working ever harder trying to hit a target I can never achieve, which was what I was led to expect 30 years ago.

A decent pension will be virtually unobtainable for most millenials, but they must be wary of pretending they are immortal because one day you just won't want to go to work anymore especially if most of your hard work is disappearing to the government who agravated this mess in the first place.

I for one will eventually go galt.

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Ironically if millenials spend all the money they earn on holidays and iPhones they are being irresponsible for not saving for retirement yet the money they would save will go to pay towards the generous retirement of the older generation (boomers etc) who enjoyed free education, free love, cheap housing, very high interest rates for their savings, and were able to be frivolous with their money when they were young because everything was so cheap. The boomers are upset that the younger generation does not want to pay towards their (the boomers) generous pensions.

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Starve the beast! They will just steal it anyway once TSHTF as has already been demonstrated else where.

There are other options to store private wealth out of reach from the state.

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Ironically if millenials spend all the money they earn on holidays and iPhones they are being irresponsible for not saving for retirement yet the money they would save will go to pay towards the generous retirement of the older generation (boomers etc) who enjoyed free education, free love, cheap housing, very high interest rates for their savings, and were able to be frivolous with their money when they were young because everything was so cheap. The boomers are upset that the younger generation does not want to pay towards their (the boomers) generous pensions.

I'm maybe twenty years ahead of the millenials and when I look at what they've been dealt compared to what I was dealt, it's shocking. Someone working in my game will start with masses of student debt. A room in a house-share or the incredible luxury of a studio will eat a massive chunk of the earnings that are left after the student debt deduction. Their pension deductions are much greater and the pension benefit that accrues does so more slowly and is less generous, and they will have to work longer before they can collect it.

Saving for a deposit will appear to take practically speaking forever. When they look over their shoulder they will see house prices inflating at a frenetic rate and continuing to inflate quickly enough that the deposit needed will appear to grow faster than their ability to save it up. Against this background they will be expected to work very hard and badgered on the basis that they could always work harder, I offer the idea that there is an implicit social contract and that the people seeking to manipulate their desire to work professionally ought to see the quid pro quo and that a millenial ought not to work themselves ragged under duress without first asking the quesetion "Where's my f**king house?"

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I wonder what will happen when all the jobs dry up due to automation and there is no tax to collect? Who will pay for the boomers pensions and healthcare?

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A depressing but quite true article. It is difficult to be prudent while heavily in debt, as cuts in expenditure appear make very little difference. There may also be some expectation of being promoted in graduate jobs, so why save now, when it will be easier on a higher salary in a couple of years?

Spend long time in debt and unsettled, so

- no own accommodation

- delay in starting family

- less ownership of other assets (what's the point of buying furniture, tools etc if there is nowhere to store them and makes moving from one rented accommodation to the next more inconvenient)

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When I'm too frail to enjoy life any more and need constant care, I'll just blow the last of my money on a huge stash of drugs, go out with a bang, and save money on Dignitas to boot. Sod saving now to pay for care when I can't even help myself to the toilet! .....and I'm not even a millennial.

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I wonder what will happen when all the jobs dry up due to automation and there is no tax to collect? Who will pay for the boomers pensions and healthcare?

The people who own the robots - and they'll be paying yours too.

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The people who own the robots - and they'll be paying yours too.

If only! Google/Facebook etc are already trying to pay as little tax as possible. Elon Musk is a different story, he seems a lot more altruistic and not as obsessed with money. The sad thing is that technological advances could create a utopian society if it wasn't for all the political and banker psychopaths who will do anything to maintain power and lord over the plebs.

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Interest Only Mortgage, 2 German cars on PCH, holidays on the card = Living the Dream in the eyes of the neighbours.

I for one fully intend to get the man off my back by being a tight b'std.

Welcome weary traveller - you have found your home.

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