Calls to scrap Universal Credit savings threshold

sharpe106

SXX said:

yes I agree the savings limit should be scrapped on UC for the time being.  I put in a huge effort in saving hard and my current savings are for a specific reason (no not for a world cruise) so I do not want to dip into the savings as it will put me back several years.

As a tax payer I don't want to pay extra tax so you don't have to dip into your savings either.

onwards&upwards

SXX said:

yes I agree the savings limit should be scrapped on UC for the time being.  I put in a huge effort in saving hard and my current savings are for a specific reason (no not for a world cruise) so I do not want to dip into the savings as it will put me back several years.

You do realise that’s always been true for anybody who finds themselves out of work but with some savings? 

KxMx

I'm guessing those fortunate enough to save never anticipated finding themselves in this situation.

Now they are stamping their feet because instead of funding themselves they want the tax payer to do it. 

How many of those same people previously supported savings limits for people on means tested benefits?

How many of those people previously looked down on benefit claimants, but now want benefits and savings themselves?

UC is already being raised, those on legacy JSA & ESA aren't getting anything extra. 

Yes like me no one is going out, but I'm stuck getting what food I can from one shop rather than my usual shop around for the best prices across several stores. I can't change diet much due to medical conditions.  It is getting expensive! 

onwards&upwards

megw said:

onwards&upwards said:

SXX said:

yes I agree the savings limit should be scrapped on UC for the time being.  I put in a huge effort in saving hard and my current savings are for a specific reason (no not for a world cruise) so I do not want to dip into the savings as it will put me back several years.

You do realise that’s always been true for anybody who finds themselves out of work but with some savings? 

I think the issue is, that this situation is very different. Most people with savings, I imagine if they lost their job during a normal time, would just jump back into work, or find literally any small job they could to get them by.

But now there is a lockdown, we have no choice, the lockdown is enforced by the government, there are not enough jobs to go around and many jobs that do exist, involve putting yourself on the front line and potentially risking your health or your life.

Ah, you mean the kind of low paid, risky, essential jobs they have always expected other people to do? 

If UC isn’t fair now, then it never was.

KxMx

I'll be honest, I guessed UC's flaws would be highlighted to many more people, mainly the 5+ week wait for money, unless you take a loan and then subsequently find your UC award reduced by a huge amount (there is a 3 part documentary on I Player, one lady was IMO a bit irresponsible in taking the maximum and spending some on luxuries, but they took a shocking amount back as the first repayment).

I didn't expect the moans to be from people who already had a significant cushion of savings, but don't want to spend them. 

Being in a position to have to spend those savings is  a sh!tty position. Especially if for a house deposit etc. But most of us now are in sh!tty positions and some are much, much worse than having thousands in savings and being expected to keep oneself.

LilElvis

megw said:

Fair point. Just giving both sides of the argument.
To be honest I think if the lockdown goes on much longer there even won't be an argument for it left anymore, because people would have already spent all their savings anyway. I don't think 16K can last very long in somewhere like London, especially if this goes on for 18 months ...

If you want to be really fair then compensate those who have been affected by the reduction in interest rates and the falls in the stock market too. Not everyone has their savings sat in a bank account. How far do you want to take your cuckoo ideals of fairness?

gary83

LilElvis said:

megw said:

Fair point. Just giving both sides of the argument.
To be honest I think if the lockdown goes on much longer there even won't be an argument for it left anymore, because people would have already spent all their savings anyway. I don't think 16K can last very long in somewhere like London, especially if this goes on for 18 months ...

If you want to be really fair then compensate those who have been affected by the reduction in interest rates and the falls in the stock market too. Not everyone has their savings sat in a bank account. How far do you want to take your cuckoo ideals of fairness?

As ludicrous as it sounds somebody went down that rabbit hole a few weeks ago over on the pensions forum, suggested that it’s only fair the government should step in to help out private pensions that had suffered 
https://forums.moneysavingexpert.com/discussion/6119117/government-help-for-private-pensions/p1

LilElvis

megw said:

LilElvis said:

megw said:

Fair point. Just giving both sides of the argument.
To be honest I think if the lockdown goes on much longer there even won't be an argument for it left anymore, because people would have already spent all their savings anyway. I don't think 16K can last very long in somewhere like London, especially if this goes on for 18 months ...

If you want to be really fair then compensate those who have been affected by the reduction in interest rates and the falls in the stock market too. Not everyone has their savings sat in a bank account. How far do you want to take your cuckoo ideals of fairness?

Hi, just to note, I am not affected by this personally as I am still working. I just posted the story because it's been all over my Twitter feed today and was curious about whether people thought it would happen.

Wake up. You absolutely will be affected by this. Taxpayers are going to have to foot the bill. Will you be so happy then to pay extra tax so that your neighbour was able to live off State subsidies whilst retaining £1,000s in the bank?

LilElvis

gary83 said:

LilElvis said:

megw said:

Fair point. Just giving both sides of the argument.
To be honest I think if the lockdown goes on much longer there even won't be an argument for it left anymore, because people would have already spent all their savings anyway. I don't think 16K can last very long in somewhere like London, especially if this goes on for 18 months ...

If you want to be really fair then compensate those who have been affected by the reduction in interest rates and the falls in the stock market too. Not everyone has their savings sat in a bank account. How far do you want to take your cuckoo ideals of fairness?

As ludicrous as it sounds somebody went down that rabbit hole a few weeks ago over on the pensions forum, suggested that it’s only fair the government should step in to help out private pensions that had suffered 
https://forums.moneysavingexpert.com/discussion/6119117/government-help-for-private-pensions/p1

Sadly, nothing surprises me anymore. Amazing how many seem to believe in the Magical Money Tree. I'm just crossing my fingers that my 9 year old has planted the bean stalk that will allow me to climb up and steal the giant's gold 

kremlinbot

Millennials are generally fu(ked. they can't get houses or start families like they could in the 70's and 80's - I don't know of a single Millennial to age 30 who has bought a house without help or inheritance from their parents. And now we're told by x'ers and boomers - 'at least you saved up a bit of money that you can use now to pay down your rent from the next few months'. I do know I'm generalising a bit here, but things have been dragging along for our entire twenties and now they're doubly !!!!!!. You can kind of see where the dissolution in the entire system comes from and the desire to just want to watch it all come crashing down, what exactly are we supposed to have faith in that will somehow work out for us in the long run? Bit of a rant that people probably won't like here but that is at least a sentiment you might consider from a Millennial.