Wednesday, Dec 30, 2009

Economic model breaking down?

Telegraph: Parents use savings to support adult children

During the past year, they withdrew a fifth of their hard-earned savings to help their adult children with living costs and unexpected expenses.
The figures are a fresh blow to parents who are being squeezed financially from all directions as they save for their own retirement, provide care for elderly parents and fund the so-called boomerang generation of children who find themselves unable or unwilling to live away from the family home.

Posted by dill @ 06:06 PM (1192 views)
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1. enuii said...

From my experience over the last year the figure of 20% is about spot on for 1 child!

Needless to say with 2010's up and coming burden already known the big loosers will be 1) Airlines and 2) Holiday Companies as our cloth is cut to suit.

Others at work older than me are also showing the strain and we currently have a significant number of over 65's continuing to work and one chap of 73 all of whom have to for one financial reason or another.

Wednesday, December 30, 2009 07:06PM Report Comment

2. tenyearstogetmymoneyback said...

Very interesting figure in the article

"Parents with grown up children have an average of £11,800 in cash savings"

Which means that without external funding a building society will need thirteen
people like this to give a 90% mortgage on the average house. No wonder there
is a shortage of credit now that they can't sell the mortgages to the Chinese who
according to this article
save 46% of their income.

Wednesday, December 30, 2009 11:14PM Report Comment

3. deeplyblue said...

This would be the "selfish boomers" who have no thought for anyone except themselves, don't care how much of a burden they are placing on their children and want all their spare capital for round the world cruises, I presume.

Thursday, December 31, 2009 02:19AM Report Comment

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