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Shamus

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...mentioned on ITV evening news:

A generation of 18-40 year olds in debt and with none or little savings for the future.

How many as a % of those striking tomorrow about pensions are in this age group I wonder??

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It is worrying though for the future - how will the country survive in 30-40 years time when these people are pensioners with no savings and there aren't enough people working to pay their housing benefits (assuming they are still renting!), care costs and pensions. Its very scary!?

Most pensioners these days are rich by comparison to most youngsters - they own their homes and have limited housing costs. Yet the really needy older pensioners over 75 are left to rot as billions are being paid out as voting bribes in winter fuel allowances and free travel passes to people under 70 who don't need it!

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...mentioned on ITV evening news:

A generation of 18-40 year olds in debt and with none or little savings for the future.

How many as a % of those striking tomorrow about pensions are in this age group I wonder??

That is a big age difference. I didn't think about pensions at all at 18.

Now that I am pushing 40 I think about it more, but not at 18.

I wonder why they put 18 year olds in the same group as 40 year olds. Maybe to make the numbers look worse than they really are?

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Households on 'money knife-edge'

Two million households are living on a financial knife-edge, susceptible to an economic downturn, a Financial Services Authority (FSA) survey has suggested.

A further half million households are already having difficulty paying bills and meeting debts, the report found.

The FSA identified a lack of consumer knowledge, particularly amongst the 18-40 age group, as key to low levels of saving in the UK.

Study reveals financial crisis of the 18-40s

An official government study into Britain's personal finances reveals a lost generation of 18- to 40-year-olds unable to cope with debts and soaring house prices, with alarmingly low levels of savings and little hope of building a decent pension.

The study, by the Financial Services Authority (FSA) and Bristol University, published today, is the biggest of its kind undertaken in Britain. It paints a picture of a generational divide fuelled by higher education costs and the collapse of company pension schemes - with 42% of adults now with no pension and 70% with no meaningful savings.

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Here is the article:

http://money.guardian.co.uk/news_/story/0,,1741079,00.html

Some of the key stats from the FSA survey are:

42% of adults under 65 not paying into a private or occupational pension

70% with no meaningful savings (i.e. no chance of buying a house if they don't already have one!)

Around one-quarter of adults aged 20 to 39 have fallen into financial difficulties over the past five years, compared with 5% of over 60-year-olds

24% of young adults are currently overdrawn, compared to just 4% of over 60s

Over 40% of 18- to 20-year-olds failed a simple question on interest rates and percentages, compared with 14% of people aged 50 and above (so much for improving GCSE results)!

It doesn't inspire much confidence in the future - this country will eventually go bankrupt if the pensions crisis isn't sorted out!

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I can see us going back to the Victorian era - most of the country living in slums (well most new builds will be in 20 years time as they are so jerry built) owned by a small property owning class (the buy to letters!)

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I can see us going back to the Victorian era - most of the country living in slums

Indeed, whenever I view a new build estate it strikes me as a modern recreation of the Victorian slum, there are lots of very compact boxes in bad locations that will lead to ill-health, the pressure groups want to push this to 70 dwellings per hectare which is actually worse than the old back-to-backs. Such areas sport small or no gardens at all, inadequate places for children to play, each dwelling is limited to 1.5 parking spaces (if they're lucky enough to have them at all) as a consequence the narrow streets and pavements are littered with cars that present further dangers. The small roads and whole area is usually cast in a shadow because even big houses are three levels or above, and in a terrace.

Councils dump their social housing reqirements on private developers who then load up prices further, and often the upkeep of the roads and wider estate is levied via private surcharge so the council doesn't have to take responsibility. Oh yeah, you also end up with a water meter whether you like it or not.

It's basically a socially engineered mess, housing designed by bureaucrats for other people, they repeat all the same mistakes of the past and they will be the slums of tomorrow.

No wonder housing is so expensive in the UK when people prefer to live in old housing stock because modern standards are so low, and falling. We are the only country in Europe to progressively build smaller housing, modern dwellings are now the most pokey in Europe next to Greece, where standards are actually progressing. Even the most modest developments in Germany are 50% larger.

Modern Britain is a very regressive place.

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Also:

http://www.thisismoney.co.uk/saving-and-ba..._page_id=7&ct=5

"Mr Pearce says he sees no point in saving when he has so much else to spend his money on, such as the cost of commuting to London every day.

'I just don't see the point of worrying about saving at my age,' he added. 'Saving for what? It's not like I can afford to buy a house. It just seems a bit disconnected to the real world.' "

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...mentioned on ITV evening news:

A generation of 18-40 year olds in debt and with none or little savings for the future.

How many as a % of those striking tomorrow about pensions are in this age group I wonder??

I took industrial action today and squeeze into the age bracket above. I have no debt and some savings (even with 2 young children in nursery) but am poorer today as I have lost a day's pay, which I am happy to do. The turn out was very good.

The media have been very biased apart from Jon Snow on CH4. Don't be fooled into believing that this is a battle between the private and public sector. If they dumb down public sector pensions, and don't forget that the average weekly pension is only £31.00 per week, it will also leave the private sector at the mercy of employers.

Edited by Buffer Bear

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It sounds to me like a future society built on inheritance. A new class system, more deep reaching than the victorian era.

How can we have a society built on inheritance when the Govenrment will have taken this to pay for the nursing home fees? :blink:

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...mentioned on ITV evening news:

A generation of 18-40 year olds in debt and with none or little savings for the future.

How many as a % of those striking tomorrow about pensions are in this age group I wonder??

All me and the missus can do is save. Im old bill and shes a teacher and we both live with parents. Unless we want to live in shed and commit ourselves to over inflated cr@p, we will just have to continue saving. Im mid twentys and none of my mates have a home of their own yet. They all earn about 30k, not bad for round 'ere really but still not enough. They all save as well whilst still managing to enjoy themselves. I will never buy in this country whilst prices remain like this.

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Over 40% of 18- to 20-year-olds failed a simple question on interest rates and percentages, compared with 14% of people aged 50 and above (so much for improving GCSE results)!

Why are they so much less intelligent than us boomers?

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Why are they so much less intelligent than us boomers?

It's a good question especially as we are told that kids are getting brighter.

I'm in the age bracket discussed and can't answer this question.

Well, to be honest I have a whole host of frankly un-PC reasons for it, but don't want to start a flame war. :lol:

NDL

Does anyone know how they define "meaningful savings"?

Don't know really, but at a guess I would assume it's the standard three months salary safety net. Or perhaps a bit more than that.

NDL

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You people are really missing the point, there is a place not long ago where everyone had somewhere to live, and everyone had a job. Everyone had the same education, the same cars, the same everything.

It was called Russia and that is where New Labour are taking you right now. You just cannot see it.

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Today's 18-40 somethings are the children of you boomers so I think you show yourself up for the idiot you are with that comment.

Ahem. Is it not possible that older people may have had more time to learn about financial matters and had more experience with them.

An 18 year old who's probably applying for their first credit card versus someone over 40 who's probably had a pile of credit cards, a few personal and car loans, and a couple of mortgages under their belt at that stage.

I'd be absolutely SHOCKED if the over-40s didn't beat the 18 year olds.

Besides, a large majority (60%) of the 18-40 age group did in fact answer the question correctly. 26% more of the over 40s did. About what I'd expect.

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Guest 40Something failure

You people are really missing the point, there is a place not long ago where everyone had somewhere to live, and everyone had a job. Everyone had the same education, the same cars, the same everything.

It was called Russia and that is where New Labour are taking you right now. You just cannot see it.

For the homeless people living, sorry, surviving in this country, a place where "everyone had somewhere to live" must be a wonderful godsend.....

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Why are they so much less intelligent than us boomers?

I cant go into it cause im running late (addiction) but its not that they/we are less intelligent, it is we are less compelled to learn.

They/We are *probably* very slightly more intelligent because of differnt techniques in early learning but it is renderd completly useless if they/we do not apply the intelligence/knowledge gained.

We are less compelled because in our school years we are allowed to be less compelled, the respect through fear has gone, the respect of adults have gone, i think every generation says the same about the generations below it about how the respect has gone.

I've taught alot of people with on the job training, some really smart people assume to much and miss vital points, some really smart people just dont WANT to learn. So less than smart people listen and try to understand.

I would much rather go over something many times with someone that says "i dont understand" than to try and teach someone something just just doesnt want to know.

Times change , not always for the better.

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Why are they so much less intelligent than us boomers?

No, I don't know what the difference is between APR and AER and I'd probably fail the question on calculating compound interest. This has nothing to do with my level of intelligence; it's because I've never bought anything on finance, I have no store cards, no overdraft, and one credit card that I pay off every month (unless I have short-term cash flow problems, in which case I might roll some of it over for a month).

I also have no pension and no savings, but that has nothing to do with financial acumen. I don't earn enough, like many, many young(ish) people.

As Captain Clamp suggests, financial acumen in this sphere doesn't obviously have anything to do with intelligence, and little to do with formal education.

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  • 301 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%



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