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Young hit hardest in recession
Graham_Devon
Posts: 58,560 Forumite
....In every possible way.
Income falling relative to inflation. Jobs harder to get. Lots of zero hour contracts. House prices and rents increasing.
http://www.bbc.co.uk/news/business-28305804
Best rate comment (by a wide margin) on the article..
Income falling relative to inflation. Jobs harder to get. Lots of zero hour contracts. House prices and rents increasing.
Needless to say, one age group saw no effect, either on income or employment."Pay, employment and incomes have all been hit hardest for those in their 20s," said Jonathan Cribb, research economist at the IFS.
"A crucial question is whether this difficult start will do lasting damage to their employment and earnings prospects."
The report also concluded that was "no clear North-South divide" in the impact of the recession. It also noted that home ownership among the young had fallen sharply in recent decades.
Only 21% of people born in the 1980s had bought their own house by the age of 25, compared with 34% of those born in the 70s and 45% of those born in the 60s.
http://www.bbc.co.uk/news/business-28305804
Best rate comment (by a wide margin) on the article..
Of course we are. We're charged for education that was free for our parents, given zero-hour contracts in dead-end jobs if we can even find one, forced to pay outrageous rents to a vampire generation who see property as an investment rather than a basic human right and then constantly told that we're apathetic, lazy and self-obsessed. We're not the ones who ruined the economy, those in power are.
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And they'll be paying proportionally more towards all this debt we're accumulating!“I could see that, if not actually disgruntled, he was far from being gruntled.” - P.G. Wodehouse0
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Who'd want to be young again?
Certainly not me!A baby born in 2014 would need to have started saving in 1984 if they want to retire at 65 with a pension income of £13,500, based on today’s average pension contributions, according to Liberty Sipp.
To secure an annual income of £13,500 at age 65, after taking the 25 per cent tax-free lump sum, currently requires a pension pot of £250,000.
According to Liberty, the ‘average rate’ is investing £208 per year from age 21, assuming a growth rate of 5 per cent, no inflation and an annual management charge of 1 per cent, which produces a pension pot of £30,000 pot by age 65.
A person saving at this average rate would need to save for 95 years to reach the £250,000 mark.
http://www.ftadviser.com/2014/07/15/pensions/sipps/people-are-years-behind-in-pension-saving-liberty-4ClRidINFKw8Lh4jECRQrM/article.html0 -
Graham_Devon wrote: »....In every possible way.
Income falling relative to inflation. Jobs harder to get. Lots of zero hour contracts. House prices and rents increasing.
Yep.
And this recession was directly caused by the credit crunch that you spent the last 7 years cheering on.
You were warned that the credit famine would punish the young generation the worst, causing house building to fall, driving up rents, slowing economic recovery and so worsening unemployment, forcing millions to enrich their landlords instead of themselves.
But you cheered it on anyway......“The great enemy of the truth is very often not the lie – deliberate, contrived, and dishonest – but the myth, persistent, persuasive, and unrealistic.
Belief in myths allows the comfort of opinion without the discomfort of thought.”
-- President John F. Kennedy”0 -
HAMISH_MCTAVISH wrote: »Yep.
And this recession was directly caused by the credit crunch that you spent the last 7 years cheering on.
You were warned that the credit famine would punish the young generation the worst, causing house building to fall, driving up rents, slowing economic recovery and so worsening unemployment, forcing millions to enrich their landlords instead of themselves.
But you cheered it on anyway......
Just a quick observation - you're the only person on the planet who shares, understands, or cares about this crackpot theory yours.
Cheers.FACT.0 -
the_flying_pig wrote: »Just a quick observation - you're the only person on the planet who shares, understands, or cares about this crackpot theory yours.
Cheers.
If that came from anyone but you I'd ask if you're really trying to make the frankly incredulous assertion that the credit crunch (which you crashaholics have spent the last 7 years cheering on) didn't cause the UK recession....
But it's you..... Trolling is what you do best.
“The great enemy of the truth is very often not the lie – deliberate, contrived, and dishonest – but the myth, persistent, persuasive, and unrealistic.
Belief in myths allows the comfort of opinion without the discomfort of thought.”
-- President John F. Kennedy”0 -
yes
we really need to build more houses0 -
Hope the new blood in the cabinet will be dynamic and think of new ways to sort this mess out ............ oh dear....0
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new ways to sort this mess out .
Well they could always try building more houses....:cool:“The great enemy of the truth is very often not the lie – deliberate, contrived, and dishonest – but the myth, persistent, persuasive, and unrealistic.
Belief in myths allows the comfort of opinion without the discomfort of thought.”
-- President John F. Kennedy”0 -
HAMISH_MCTAVISH wrote: »Well they could always try building more houses....:cool:
The Government don't build houses do they?0 -
“The great enemy of the truth is very often not the lie – deliberate, contrived, and dishonest – but the myth, persistent, persuasive, and unrealistic.
Belief in myths allows the comfort of opinion without the discomfort of thought.”
-- President John F. Kennedy”0
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