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Gocompare Survey - 60% have under £1000 Savings?
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According to Credit Suisse wealth report the top 1% of the richest in the world own 46% of the total assets. The bottom 66% of world population have less than $10000 and own just 3% of the total assets.
America has the top 1% owning 40% of the assets and taking home 25% of the national income. Or to put it another way by Forbes, the top 400 Americans have the same wealth as the bottom 150 million people - nearly half the population.
Here the ONS says the top 1% have the same total wealth as the bottom 55%.0 -
So the majority of the "nation's wealth" isn't in the hands of the top 1%. Thanks.I am not a financial adviser and neither do I play one on television. I might occasionally give bad advice but at least it's free.
Like all religions, the Faith of the Invisible Pink Unicorns is based upon both logic and faith. We have faith that they are pink; we logically know that they are invisible because we can't see them.0 -
Also, the average pension pot is circa £36-40k, that is scary when it's your top-up on your pension for potentially 30 years.
If the average is £40k then that means a significant number will be under that amount.
As with all statistics it all depends on how it is calculated. Is that the average current pension pot for everyone or what the average pension pot is upon retirement? Is it a mean or median average? It also doesn't include non-pension savings, investments and property.
However, no matter how it is calculated it is still a shocking low figure. I get depressed at my annual pension statement but I still have 25-ish years to go until retire and already have more than £40k in my pot.0 -
gadgetmind wrote: »Is it? What percentage of the nation's wealth do you think is with the "seriously wealthy"?
Even amongst those who appear to have started from nothing you generally find they had some inherited help - like Richard Branson whose Barrister father mortgaged the family home to bail him out of Dover prison....“It is difficult to get a man to understand something, when his salary depends on his not understanding it.” --Upton Sinclair0 -
gadgetmind wrote: »So the majority of the "nation's wealth" isn't in the hands of the top 1%. Thanks.
I didn't say it was.
But since those who have inherited the most tend to keep quiet about it I wouldn't say it wasn't either.
PS: just as an example its impossible to establish what belongs to the Queen and what belongs to us - i.e gifts from foreign Heads of State.. We are not allowed to see paintings in the Royal collection except when she allows them out to public galleries where they are accompanied by a note saying they are on loan from the Queen. So you could say they belong to her. But after the Windsor Castle fire the taxpayer was given the bill for their restoration so then they belonged to us. But now they seem to belong to her again...“It is difficult to get a man to understand something, when his salary depends on his not understanding it.” --Upton Sinclair0 -
I confess I have not checked out the survey so simply responding to what has been posted here, but, where does this figure of 60% really come from? What I mean by that is - who filled in this survey? People that visit GoCompare website only? If so, surely it is biased as a proportion of those will be visiting the site specifically for a loan, which likely means they do not have savings. Also those looking for the lowest price for insurance (although a sensible thing to do) are potentially more likely to have less in the first place? (Maybe, maybe not), I know a number of 'older generation' that don't go to comparison websites ever for anything and simply renew their existing policies year after year and all of them have more than £1k in savings for sure.
I do not visit that site / nor do I tend to respond to surveys on random websites and so the true picture is not really being shownYNWA
Target: Mortgage free by 58.0 -
I don't think there is much reason not to believe the gocompare findings. The overall message is pretty much in line with what Scottish Widows found, or what you can draw from the HMRC figures on ISAs.0
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Doshwaster wrote: »As with all statistics it all depends on how it is calculated. Is that the average current pension pot for everyone or what the average pension pot is upon retirement? Is it a mean or median average? It also doesn't include non-pension savings, investments and property.
However, no matter how it is calculated it is still a shocking low figure. I get depressed at my annual pension statement but I still have 25-ish years to go until retire and already have more than £40k in my pot.
The grey vote is likely to get stronger so politicians will have to look after the pensioners if they can - but with nothing in the kitty but a rapidly increasing deficit will the country be able to afford to? Even if you believe the Governments statistics which tend to downplay the size of the debt, its the scariest figure of all :eek:“It is difficult to get a man to understand something, when his salary depends on his not understanding it.” --Upton Sinclair0 -
gadgetmind wrote: »Much of the nation's wealth is the hands of those who've studied hard, worked hard, and who have then invested a decent percentage of their income in assets that in themselves produce further income.
But if you moved in the wealthiest circles, you would see a different picture....“It is difficult to get a man to understand something, when his salary depends on his not understanding it.” --Upton Sinclair0 -
Glen_Clark wrote: »Google Britain's wealthiest man for example, and read between the lines.0
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