Tuesday, May 10, 2011
Savers trashed, house speculators triumphed
Cavalier finance industry has killed the incentive to save
"The causes of Britain's poor savings rate are doubtless many and varied, but right up there at the top of the list has to be an age old problem – why would anyone want to save with a financial services industry whose modus operandi seems to be to feast on the gullible and fleece the ignorant? " (BTW - I think this approach will eventually screw the UK economy).
Posted by alan @ 09:22 AM (1339 views)
13 thoughts on “Savers trashed, house speculators triumphed”
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mark wadsworth says:
Why would anybody bother saving?
If you own a home outright you MEW.
If you have a mortgage, you’ve got super super low repayments, so plenty of money for splurging.
If you don’t own a home, either you assume that prices are rising so fast that you’ll never save a deposit, and what you should be saving is swallowed up in rent anyway; or you assume that prices will fall, so it’s easier to sit back and let prices fall than to save up.
And if you do manage to save, you get b- all interest and massive inflation anyway.
It wasn’t the banks that did for a savings culture, it was Home-Owner-Ism.
Crunchy says:
Saving ones wealth has become saving ones self.
It’s a shame that people leave school financially illiterate and thus, easy game.
I’m sure it’s not solely to do with ‘something in the water’, vaccines and the educational system..
Crunchy says:
1. mark wadsworth
And who came up with the BTL masterplan? Think on.
Our politicians also had a little hand in it too. http://www.youtube.com/watch?v=kNqQx7sjoS8
I can no longer bear to watch it. Sick stuff.
i remember the 90`s says:
Mark ,most on here want to become home owner so will it be our fault if we buy a house?.i suppose its different from your usual land tax shout.!!!!!!!!
mark wadsworth says:
IRT90s, I’m all in favour of people owning their own houses, paying off the mortgage and of saving up sensibly for their old age. When have I ever said anything else??
That’s how I live my life, at least (I accept that it takes all sorts to make a world, so others may think differently). But the current Home-Owner-Ist set-up makes it more difficult to become a homeowner, more difficult to earn money and fairly pointless trying to save money.
(A certain minor change in how taxes are raised would reverse the current position and create a wider spread of homeownership, make it easier to earn more money and encourage saving – win, win!)
alan says:
Mark,
I think that blaming anyone with a home for the current situation instead of bad national political leadership is perhaps missing a point.
I’m no politician but I feel the young people of this country are currently being taught that it isn’t right to save. I think that’s a mistake. Once a nation stops giving positive signals to the young people of this country, then we are up the creek with half a paddle.
mark wadsworth says:
Alan, when have I ever “blamed anyone with a home” for anything, merely for owning a home? Answer = never.
The people I rail against are the Home-Owner-ists – the NIMBYs, the bankers, the Devon Pensioners who wail about Council Tax, the BTL landlords, the estate agents, Phil & Kirsty, the Greenies, people who believe that a) house prices can only go up and b) high house prices make us richer and last but not least the politicians who merely pander to all this (and merrily flip their second and third homes) etc etc etc.
general congreve says:
The problem is they are only counting the money that is going into (actually on balance, being withdrawn from) traditional savings accounts. If they counted the significant amount of inflows into gold/silver bullion and places like Bullionvault and Goldmoney, they would see there is a lot more saving going on than they are counting from inside the walls of their failing Ponzi Scheme.
who stole my pension? says:
Soon the BBC will move in with a new series of Del Boy trotters and Arthur Daley motors made out to be bankers.
who stole my pension? says:
Soon the BBC will move in with a new series of Del Boy trotters and Arthur Daley motors made out to be bankers.
the number cruncher says:
The problems of land taxes are ones of misapprehension, nit picking or deliberate obfuscation.
MW – Nasty straw man you have there – you evil attacker of home owners, and stop shouting – I can’t hear myself 🙂
mark wadsworth says:
TNC, Home-Owner-Ism (with capitals and hyphens) has as much to do with ‘homeownership’ as Socialism has to do with ‘society’.
the number cruncher says:
MW I meant in the context of staw man augements against your good self
You will convince me to dump my socialism one day, But the word socialism has deep family ties, and some warm and friendly connotations for me.