UK failing it's young as gulf grows between generations

Sapphire

Generali wrote: »

The bit where this report is absolutely correct on spirit, if not numbers, is pensions. Pensions, and to a lesser extent healthcare, is highly likely to destroy the finances of most of Europe, of China and probably the UK and USA too.

If this is indeed the case, then what do you think the solution is? Euthanasia? (I would imagine that's an option at least one individual on this forum would favour.) The current 'young' generation is going to expect the same (or more than) today's pensioners are getting once it gets to pensionable age. Unfortunately, old people are no longer being cared for in the home, by their families, as used to be the case until a few decades ago (and still is the case in most countries outside the UK).

Certainly, many people do (and will in future) postpone their retirement and continue working in order to build up their pensions. However, quite a number of people will be unable to work due to health problems. Also, those who held jobs involving physical movement cannot work beyond a certain age – and there generally won't be enough employment to enable them to work in less strenuous jobs.

I do think that people need to build up private pensions, and that the government should be doing much more to ensure that this happens – otherwise a lot of people will be in trouble if they have to rely solely on a state pension. It seems to me that the government is thinking about short-term gains – it wants people to withdraw money from their pensions so that they will spend it now and boost the failing economy, which is so over-reliant on property. I happen to think that today too many people are not sensible about money (though the government has done its best to persuade us that they are), and that they will spend their pensions on fripperies. This will increase the burden on taxpayers even more not too far down the line, but when the current government ministers have retired.

Possibly, those who build up substantial private pensions and can afford it (the afore-mentioned bankers, MPs and other public servants, for example) should give up all of their taxpayer-funded pensions and other provisions. However, how would this go down with such people?

Don't forget, also, that there has been a huge increase in the UK population from abroad – all those people will also (presumably) expect pensions courtesy of the UK taxpayer…

missbiggles1

ruggedtoast wrote: »

Presumably your grandparents didn't treat you like an ATM with legs?

And the "Bank of Mum and Dad "wasn't invented in our day, rather the other way round

System

missbiggles1 wrote: »

And the "Bank of Mum and Dad "wasn't invented in our day, rather the other way round

Quite so. It was the "Bank of Dad and Mum" - women didn't have much wealth or earnings themselves.

missbiggles1

Clifford_Pope wrote: »

Quite so. It was the "Bank of Dad and Mum" - women didn't have much wealth or earnings themselves.

Ho ho - very droll!:D

Pennywise

wotsthat wrote: »

Personally I think the budget was good for young people. A clear signal that over reliance on the state is fraught with danger. A gift to last a lifetime.

Yes, a good start, but they also need to sort out the woeful education system. Good that they're challenging the apprentice situation, but the schools need a massive overhaul to get rid of the underclass who are illiterate and innumerate and realistically are unlikely contribute to society as they are basically unemployable.

Mistermeaner

Pennywise wrote: »

Yes, a good start, but they also need to sort out the woeful education system. Good that they're challenging the apprentice situation, but the schools need a massive overhaul to get rid of the underclass who are illiterate and innumerate and realistically are unlikely contribute to society as they are basically unemployable.

I don't necessarily agree with that but that is a question of education policy rather than budget.

First thing to address IMO ithe ridiculous labour hangover of 50% attending uni, most doing pointless degrees and costing a fortune. I'd sooner 20% went to uni and it was free for those who are academically worthy.

Graham_Devon

Pennywise wrote: »

Yes, a good start, but they also need to sort out the woeful education system. Good that they're challenging the apprentice situation, but the schools need a massive overhaul to get rid of the underclass who are illiterate and innumerate and realistically are unlikely contribute to society as they are basically unemployable.

Interesting.

What do you suggest we do with them?

Mistermeaner

May be off topic as well but public sector pensions including police teachers fireman etc need complete overhaul. Contributions should be reverse calculated on private sector annuity rates or move to dc.

Pennywise

Graham_Devon wrote: »

Interesting.

What do you suggest we do with them?

Teach them?

kabayiri

ggb1979 wrote: »

May be off topic as well but public sector pensions including police teachers fireman etc need complete overhaul. Contributions should be reverse calculated on private sector annuity rates or move to dc.

Labour stuck a million extra jobs on the PS payroll during the Blair/Brown days.

This was at a time when lower cost jobs were being outsourced.

All these "diversity consultants" and "gender equality specialists" will be expecting a decent whack to see them through their dotage.

Meanwhile, people with modest private sector pension schemes have seen annuity rates slashed in half from 2000 onwards.

This doesn't sound like an unified way of looking after our elderly to me.

Perhaps the wealthy pensioners can employ the poor pensioners as servants?