Inter generational fairness

Cornucopia

Dird wrote: »

There's people struggling on NMW now but there will have been in the 70s too.

Nope... there was no NMW in the UK in the 70s. It was introduced in 1999. It's one of the many ways in which our current society is better than it was back then. But you didn't see us complaining. (About the closest I ever got to that was not going drinking with older colleagues ALL the time, because I could not afford it).

Problem is these oldies just don't want to die. If their companies don't go bust then they got a good deal with the pensions. Bus pass/winter allowance needs means testing, NHS needs to go like Germany/Switzerland

You were doing so well up to then, Dird.

To be clear, having this level of attachment to the concept of euthanasia is not healthy.

Dird

Cornucopia wrote: »

Nope... there was no NMW in the UK in the 70s.

I meant still struggling in the 70s

Cornucopia wrote: »

To be clear, having this level of attachment to the concept of euthanasia is not healthy.

It's just how I like to refer to medical improvements euthanasia is for life sentence convicts & those with serious illnesses (their decision) only my grandad refused to die until mid-70s (record in our family), hopefully I can break the 80 barrier as a result of future improvements, despite my 60% tea+biscuits diet

hildosaver

lisyloo wrote: »

I'm 48 and waiting to inherit from a 90 year old (tapping my fingers as we speak) - who might very well spend it in care fees.
How old will I be when I get a free house? which will be split between siblings after the care home fees.


I am of course aware that not everyone lives to a ripe old age or needs a care home, but conversely neither do people generally inherit before they need a home of their own by quite some margin.

The numbers of people living well into 'old age' are increasing all the time and as a result it's very likely there will actually be much less houses to be inherited in the future as they all will have been sold off (once all the life savings have been drained) to pay for longer term care home fees.

GreatApe

hildosaver wrote: »

The numbers of people living well into 'old age' are increasing all the time and as a result it's very likely there will actually be much less houses to be inherited in the future as they all will have been sold off (once all the life savings have been drained) to pay for longer term care home fees.

lots of people say this but the savings rate is still positive and the total wealth of the country which is over £10 trillion is still growing. This is also clearly seen in the inheritance data, ie each year the figures are getting bigger not smaller. The only exception was for 1-2 years in the 2008 crash and that is due to stocks and housing both tanking for a couple of year around that time

So while some individuals might see their parents spend all they have on care fees etc its not the norm at least not today

hildosaver

GreatApe wrote: »

lots of people say this but the savings rate is still positive and the total wealth of the country which is over £10 trillion is still growing. This is also clearly seen in the inheritance data, ie each year the figures are getting bigger not smaller. The only exception was for 1-2 years in the 2008 crash and that is due to stocks and housing both tanking for a couple of year around that time

So while some individuals might see their parents spend all they have on care fees etc its not the norm at least not today

My point is that it is not the norm today but due to demographics it will likely be the norm in the future. As people live longer that means more people requiring nursing care and for a longer period. I'm talking over the next 10-20 years you will see less and less homes being passed down because they will have been sold off. I'm not talking about today or tommorrow here.

Sapphire

'Lucky' those who have profited by their parents/grandparents deaths. I'm not one of them, and neither are my siblings, and I never expected to inherit anything (except for things of sentimental value). Frankly, I'd rather have my parents around than have any money from them.

hildosaver

Sapphire wrote: »

'Lucky' those who have profited by their parents/grandparents deaths. I'm not one of them, and neither are my siblings, and I never expected to inherit anything (except for things of sentimental value). Frankly, I'd rather have my parents around than have any money from them.

Absolutely and I'm sure most people feel this way - I certainly do. I think there would be something desperately wrong if people were relying on parents passing on property, etc. via inheritance for their own financial security.


I'm working on the assumption I'll get nothing (if I was to get anything then that's fine but it's not something I like to think about) and am saving, investing, etc. for my family's future as much as I can while I'm able to.

Thrugelmir

GreatApe wrote: »

lots of people say this but the savings rate is still positive and the total wealth of the country which is over £10 trillion is still growing.

Is that why debt levels keep on increasing? Correspondingly saving levels are falling. Property assets are ok as long as there's someone to buy the property. Like musical chairs. When the music stops the fun starts.

GreatApe

hildosaver wrote: »

My point is that it is not the norm today but due to demographics it will likely be the norm in the future. As people live longer that means more people requiring nursing care and for a longer period. I'm talking over the next 10-20 years you will see less and less homes being passed down because they will have been sold off. I'm not talking about today or tommorrow here.

I do not think that to be likely. At most it might slow the increase in wealth and inheritances it wont reverse it.

GreatApe

hildosaver wrote: »

Absolutely and I'm sure most people feel this way - I certainly do. I think there would be something desperately wrong if people were relying on parents passing on property, etc. via inheritance for their own financial security.

I'm working on the assumption I'll get nothing (if I was to get anything then that's fine but it's not something I like to think about) and am saving, investing, etc. for my family's future as much as I can while I'm able to.

It is not a question of morality it is a simple statement of fact

Somewhere in the region of £200 billion a year is gifted or left as inheritances.
The total net wealth of the country is in excess of £10 trillion and is increasing.

People need to be awake to this and take it into account when thinking of economic issues.