MSE News: Savings in crisis

Glen_Clark

jimjames wrote: »

I thought a few months ago (flock of sheep was) all gung-ho about building up investment portfolio? What's happened?

Yes but after that, flock was predicting a crash and advising selling out - just before the recent rise in share prices

Pincher

Ray_Singh-Blue wrote: »

Only if sterling is still falling. Is your view that this is likely?

Pundits are talking GBP1=USD1.1

Around 30 years ago, it was nearly 1:1.

Likely? Yup.

If all these Polish builders are leaving, how can we get anything fixed? Builder prices could sky rocket. If my food bill goes up by 20%, it's ok, I should eat less any way, but all the decent kitchen taps and shower mixers seem to be Swiss and German. Put in some taps etc. around five years ago, and already having to replace them. Bought them off a UK website, but they are Chinese made. Leaky cartridge, stiff lever. Going for quality this time.

Glen_Clark

Pincher wrote: »

Put in some taps etc. around five years ago, and already having to replace them. Bought them off a UK website, but they are Chinese made. Leaky cartridge, stiff lever. .

Had the same problem. Dismantled them, put them back together with olive oil lubricating the moving parts, now they are like new again.:)

teddysmum

bowlhead99 wrote: »

Most people don't want to have to rely on the relatively small amount of money the government will hand out to someone without a job. That is why they get jobs in the first place.

So, they would be distressed if their personal income was cut to hand-out level and didn't have any of their own money stored up that they could spend on their personal needs and wants.

Also, people on a pension, not much above the pensioner benefits level, will end up worse off than those on benefits, after they have paid for what the latter get covered (eg dental care, vet bills for a pet kept as an only companion), so a savings pot helps them to not fall behind.

Eco_Miser

A_Flock_Of_Sheep wrote: »

Isn't that what the Dole office is for? Money for those who have lost their jobs or don't have one?

Been there, done that (under a rather more generous government), wouldn't want to do it again. (And didn't have to, thanks to having plenty of savings and investments.)

Eco_Miser

teddysmum wrote: »

... private savers are very unlikely to pay someone to use their money (or put away money to make it decrease in value) so will withdraw, making the negative rate pointless for private accounts.

Private savers won't pay say .5% of their deposited capital as negative interest, but they will pay say £5 a month for the convenience of not having to handle large amounts of cash.
Throw in a bit of insurance and they'll pay much more.