No pension? No home? No wonder. Look at you!

thequant

Hey youngsters! No pension? No home? No wonder. Look at you!

"if young people want a comfortable retirement, they need to stop spending money on skiing holidays, on fancy kitchen gadgets, designer handbags, on their Louboutins and Manolo Blahniks, and do what their grannies and granddads had to do. They need to stop wasting money and make it work for them instead. They need to stop believing that it’s the Government’s responsibility to save them from their own stupidity. They should, in other words, seek to develop the same habits of frugality and saving for a rainy day that once were taken for granted."

http://www.telegraph.co.uk/finance/personalfinance/pensions/12102364/Hey-youngsters-No-pension-No-home-No-wonder.-Look-at-you.html

Generali

thequant wrote: »

Hey youngsters! No pension? No home? No wonder. Look at you!

"if young people want a comfortable retirement, they need to stop spending money on skiing holidays, on fancy kitchen gadgets, designer handbags, on their Louboutins and Manolo Blahniks, and do what their grannies and granddads had to do. They need to stop wasting money and make it work for them instead. They need to stop believing that it’s the Government’s responsibility to save them from their own stupidity. They should, in other words, seek to develop the same habits of frugality and saving for a rainy day that once were taken for granted."

http://www.telegraph.co.uk/finance/personalfinance/pensions/12102364/Hey-youngsters-No-pension-No-home-No-wonder.-Look-at-you.html

Seriously?

You go into those sorts of shops and they're full of 50-somethings.

Sanctioned_Parts_List

Unless I was asleep during the relevant history lesson, debt and debtors have been part of the fabric of life since somebody first scratched "IOU" into a clay tablet. Being a pre/during/postwar baby doesn't automatically make you thrifty and sensible.

The thrifty, frugal and sensible retired in their 50s off their own funds and don't give a monkeys about the state pension (a condition I hope to emulate). But well done Edwina for justifying a life of wage slavery to a single employer

kinger101

All very easy to sit in judgement when the state paid for your degree (and student grant) and you have a nice MP's pension to live off. And the fees from reality TV programmes. And I'm not particularly sure people who are still working at the age of 69 and a half are the best people to be dishing out advice on retirement planning.

wotsthat

It's more Telegraph click bait.

Money spent is money that can't be invested. That's the article.

jaydeeuk1

Or study harder at school, work hard and do both.

Mistermeaner

Or be a successful gangster.

Basically be rich and you'll be less poor

kinger101

Edwina Currie is really just the prototype of Katie Hopkins.

thequant

kinger101 wrote: »

Edwina Currie is really just the prototype of Katie Hopkins.

Kinger, do you still have that wine bottle ?

Carl31

why is it always compared to 'the good old days', such a weak argument

At least compare apples with apples if you're going to have a rant. OK, there might be some truth in how people spend, but theyre not growing up in post war britain, do we want to go back to living that way?

Generali

Carl31 wrote: »

why is it always compared to 'the good old days', such a weak argument

At least compare apples with apples if you're going to have a rant. OK, there might be some truth in how people spend, but theyre not growing up in post war britain, do we want to go back to living that way?

And of course if everyone stops spending and starts saving then the economy will be fooked.

http://www.investopedia.com/terms/p/paradox-of-thrift.asp