Pensions envy. Are we heading for financially comfortable but socially uncomfortable retirements?

bluenose1

SouthCoastBoy said:

I am in my mid to late 50s and have a lot of sympathy with the younger generation, ridiculous house prices, final salary pensions all but disappeared in the private sector, massive graduate debt which is effectively another tax with rumour of thresholds for payments being decreased and length of payback are being extended, hopefully not as seems unfair and on top of that in my area at least there seems very few employment opportunities unless you work for something similar to the minimum wage then there is the increase in state pension age, if they make it that far. In comparison I think I had it easy.

Totally agree. I often wonder how those on NMW cope. I assume most young ones nowadays can’t  get a mortgage as prices are so high so are forced to rent, which means paying even more for housing costs. 

Majority of  jobs I see in my area are for minimum wage as well.  

michaels

SouthCoastBoy said:

I am in my mid to late 50s and have a lot of sympathy with the younger generation, ridiculous house prices, final salary pensions all but disappeared in the private sector, massive graduate debt which is effectively another tax with rumour of thresholds for payments being decreased and length of payback are being extended, hopefully not as seems unfair and on top of that in my area at least there seems very few employment opportunities unless you work for something similar to the minimum wage then there is the increase in state pension age, if they make it that far. In comparison I think I had it easy.

Perhaps not a great life choice to take on 50k of debt plus 3 lost years of earning if it is not in a subject that allows you to get a job above NMW.  I guess our children are so used to being sold to stuff they don't really need (iPhone, Ubereats, cosmetic surgery etc) that they don't realise that Uni is just part of the same thing.

Ganga

michaels said:

SouthCoastBoy said:

I am in my mid to late 50s and have a lot of sympathy with the younger generation, ridiculous house prices, final salary pensions all but disappeared in the private sector, massive graduate debt which is effectively another tax with rumour of thresholds for payments being decreased and length of payback are being extended, hopefully not as seems unfair and on top of that in my area at least there seems very few employment opportunities unless you work for something similar to the minimum wage then there is the increase in state pension age, if they make it that far. In comparison I think I had it easy.

Perhaps not a great life choice to take on 50k of debt plus 3 lost years of earning if it is not in a subject that allows you to get a job above NMW.  I guess our children are so used to being sold to stuff they don't really need (iPhone, Ubereats, cosmetic surgery etc) that they don't realise that Uni is just part of the same thing.

Most younger people were encouraged to go to uni even if the degree they obtained did not get them a top paid job ,this thread is about pension envy ,how would lower paid workers who passed up the opportunity to get higher qualifications get higher wages 

michaels

Ganga said:

michaels said:

SouthCoastBoy said:

I am in my mid to late 50s and have a lot of sympathy with the younger generation, ridiculous house prices, final salary pensions all but disappeared in the private sector, massive graduate debt which is effectively another tax with rumour of thresholds for payments being decreased and length of payback are being extended, hopefully not as seems unfair and on top of that in my area at least there seems very few employment opportunities unless you work for something similar to the minimum wage then there is the increase in state pension age, if they make it that far. In comparison I think I had it easy.

Perhaps not a great life choice to take on 50k of debt plus 3 lost years of earning if it is not in a subject that allows you to get a job above NMW.  I guess our children are so used to being sold to stuff they don't really need (iPhone, Ubereats, cosmetic surgery etc) that they don't realise that Uni is just part of the same thing.

Most younger people were encouraged to go to uni even if the degree they obtained did not get them a top paid job ,this thread is about pension envy ,how would lower paid workers who passed up the opportunity to get higher qualifications get higher wages 

I don't know, perhaps by becoming plumbers or lorry drivers or any other trade where without EU workers to undercut wages there is now plenty of scope for above average wages?

jamesd

bluenose1 said:
 I often wonder how those on NMW cope. I assume most young ones nowadays can’t  get a mortgage as prices are so high so are forced to rent, which means paying even more for housing costs. 

Majority of  jobs I see in my area are for minimum wage as well.  

There are places where you can buy a home for an income multiple of four times minimum wage. Not London and not huge or wonderful, but yours. At a higher level I'm buying a flat in a less expensive than SE part of the country that needs work for between 60k and 70k.

Don't be on minimum wage in an expensive part of the country. If you have a choice...!

Ibrahim5

It's grim up North though. I always say that in the hope that the southerners will stay in the South.

pensionpawn

Ganga said:

michaels said:

SouthCoastBoy said:

I am in my mid to late 50s and have a lot of sympathy with the younger generation, ridiculous house prices, final salary pensions all but disappeared in the private sector, massive graduate debt which is effectively another tax with rumour of thresholds for payments being decreased and length of payback are being extended, hopefully not as seems unfair and on top of that in my area at least there seems very few employment opportunities unless you work for something similar to the minimum wage then there is the increase in state pension age, if they make it that far. In comparison I think I had it easy.

Perhaps not a great life choice to take on 50k of debt plus 3 lost years of earning if it is not in a subject that allows you to get a job above NMW.  I guess our children are so used to being sold to stuff they don't really need (iPhone, Ubereats, cosmetic surgery etc) that they don't realise that Uni is just part of the same thing.

Most younger people were encouraged to go to uni even if the degree they obtained did not get them a top paid job ,this thread is about pension envy ,how would lower paid workers who passed up the opportunity to get higher qualifications get higher wages 

My eldest two daughters studied A levels (including maths) and entered the workforce at 18 (actually earlier part time) and saved their money whilst living at home. They started pensions at 18 (my youngest at 16), bought brand new cars and bought their first houses at 23 (same age as their parents). They had a small inheritance from grandparents that helped with deposits. Although their parents went to university we assured them that we were fully supportive of them not following the heard as we know that most degrees are a waste of time and money. We're very proud of them and any 18 year old with some brains and motivations could do the same! Blair has a lot to answer for....

Dazza1902

michaels said:

Ganga said:

michaels said:

SouthCoastBoy said:

I am in my mid to late 50s and have a lot of sympathy with the younger generation, ridiculous house prices, final salary pensions all but disappeared in the private sector, massive graduate debt which is effectively another tax with rumour of thresholds for payments being decreased and length of payback are being extended, hopefully not as seems unfair and on top of that in my area at least there seems very few employment opportunities unless you work for something similar to the minimum wage then there is the increase in state pension age, if they make it that far. In comparison I think I had it easy.

Perhaps not a great life choice to take on 50k of debt plus 3 lost years of earning if it is not in a subject that allows you to get a job above NMW.  I guess our children are so used to being sold to stuff they don't really need (iPhone, Ubereats, cosmetic surgery etc) that they don't realise that Uni is just part of the same thing.

Most younger people were encouraged to go to uni even if the degree they obtained did not get them a top paid job ,this thread is about pension envy ,how would lower paid workers who passed up the opportunity to get higher qualifications get higher wages 

I don't know, perhaps by becoming plumbers or lorry drivers or any other trade where without EU workers to undercut wages there is now plenty of scope for above average wages?

Ive been a self employed plumber for 30 odd years, it isn't a gravy train. Certainly funding ones pension has not been easy.
I do take the point though , we send too many average kids to uni to do nonsense courses. Without the influx of " cheap" labour perhaps non uni training should have better priority.

Anonymous101

Ibrahim5 said:

It's grim up North though. I always say that in the hope that the southerners will stay in the South.

I say that to all my colleagues in the South. They're not daft although they often jest back that we live in comparative mansions which we pay a pittance for in comparison to their properties.

Malthusian

Dazza1902 said:

Ive been a self employed plumber for 30 odd years, it isn't a gravy train. Certainly funding ones pension has not been easy.
I do take the point though , we send too many average kids to uni to do nonsense courses. Without the influx of " cheap" labour perhaps non uni training should have better priority.

No-one said becoming a plumber was easy, only that it was one of the answers to the question "how can a low skilled worker earn higher wages". It is one of a number of well-paid jobs which require hard work and training, but does not require exceptionally rare inborn ability (like professional football) or a large amount of luck or good connections (acting / music).

Of course if someone says it's impossible for them to become a plumber they will be right.

Under the current system there is no reason an average kid should pass up the opportunity to have three extra years of childhood, sitting around doing a nonsense course and smoking pot, at the taxpayer's expense. An average kid will have average earnings and won't pay a penny of extra tax as a result.

Whether we can afford that as a society for the long term remains to be seen.