Lifestyle From Pension At Minimum Wage After 40 Years Service

Workerdrone

Deleted_User said:

thriftytracey said:

yes, the thrift I inherited from growing up in the 60's and 70's has always been with me and particularly in the present economic climate.  Perhaps the generation growing up now may learn about saving, cutting back and frugality, although it is worse now, at least my single parent could always feed me.  It was blooming cold in the winter though, no central heating, a coal fire in one room, a gas fire in the "front room" which was only switched on occasionally.  One "treat" a week and I always chose a Fry's Chocolate Cream which I ate very slowly.  

Of course, back then consumerism was not the main driver for a healthy economy. As a child there was no financial education but my primary school ran a 50p saving stamp scheme and I think that type of initiative and my mother's frugality taught me a good life lesson.  Also, green shield stamps!

It is sad that you can't talk to your nephew - could you take him out on his own?  

Your sister in law is probably unhappy which makes her defensive.  Obesity must be an awful condition to live with, and her self-esteem must be low, hence splurging on retail therapy for comfort.  

The current generations Millennials (1981-1996) and Generation Z (after 1996 to around 2004 to allow for entering workplace) have lived through multiple once in a generation events (Credit Crunch, Covid, Ukraine War) and are stuck with earnings that have not matched the rises in things like house prices.

Many of us could never afford a house as the prices go up so much in relation to earnings. Such that while your generation could buy a house on 1 manual worker's salary while the wife could stay at home and raise the kids, for most people born in the 1980s, house prices require 2 people on an average salary just to get a mortgage and even then, usually needs a substantial deposit that is unaffordable while rents are so high. Pensions (and I do pay into work and a personal one) are largely DC only certainly away from the public sector, and even those are now career average not final salary - so we pay into a system to keep boomers and generation X on their cushy pensions while we get screwed as the previous generations pulled up the ladder.

It's hardly surprising people want to live for the moment as they know their retirement will be terrible and keeps being pushed back - the GRASPI women argue even now they should have been able to retire at 60 on full pension while 68 is the earliest I can get it and even then it'll probably be pushed to 69 or 70 if not for me then the ones coming into work now. Add on all the patronising inherited wealth types claiming we could save for a deposit by cutting out anything fun - despite the fact dropping a netflix subscription would still take you 156 years to get even a 5% deposit - it's just out of touch nonsense from people sitting on paid off homes looking forward to a decent retirement while sneering at the younger ones who have to choose between food and heat - no winter fuel allowance for us!

I did wonder how long it would be before gen x started copping flak. Been predicting it for a while as we head into mid 40’s. We’re actually a very small generation who pretty much entered the workplace when dc pensions were the norm from none public sector employers 

kinger101

Deleted_User said:

thriftytracey said:

yes, the thrift I inherited from growing up in the 60's and 70's has always been with me and particularly in the present economic climate.  Perhaps the generation growing up now may learn about saving, cutting back and frugality, although it is worse now, at least my single parent could always feed me.  It was blooming cold in the winter though, no central heating, a coal fire in one room, a gas fire in the "front room" which was only switched on occasionally.  One "treat" a week and I always chose a Fry's Chocolate Cream which I ate very slowly.  

Of course, back then consumerism was not the main driver for a healthy economy. As a child there was no financial education but my primary school ran a 50p saving stamp scheme and I think that type of initiative and my mother's frugality taught me a good life lesson.  Also, green shield stamps!

It is sad that you can't talk to your nephew - could you take him out on his own?  

Your sister in law is probably unhappy which makes her defensive.  Obesity must be an awful condition to live with, and her self-esteem must be low, hence splurging on retail therapy for comfort.  

The current generations Millennials (1981-1996) and Generation Z (after 1996 to around 2004 to allow for entering workplace) have lived through multiple once in a generation events (Credit Crunch, Covid, Ukraine War) and are stuck with earnings that have not matched the rises in things like house prices.

Many of us could never afford a house as the prices go up so much in relation to earnings. Such that while your generation could buy a house on 1 manual worker's salary while the wife could stay at home and raise the kids, for most people born in the 1980s, house prices require 2 people on an average salary just to get a mortgage and even then, usually needs a substantial deposit that is unaffordable while rents are so high. Pensions (and I do pay into work and a personal one) are largely DC only certainly away from the public sector, and even those are now career average not final salary - so we pay into a system to keep boomers and generation X on their cushy pensions while we get screwed as the previous generations pulled up the ladder.

It's hardly surprising people want to live for the moment as they know their retirement will be terrible and keeps being pushed back - the GRASPI women argue even now they should have been able to retire at 60 on full pension while 68 is the earliest I can get it and even then it'll probably be pushed to 69 or 70 if not for me then the ones coming into work now. Add on all the patronising inherited wealth types claiming we could save for a deposit by cutting out anything fun - despite the fact dropping a netflix subscription would still take you 156 years to get even a 5% deposit - it's just out of touch nonsense from people sitting on paid off homes looking forward to a decent retirement while sneering at the younger ones who have to choose between food and heat - no winter fuel allowance for us!

The credit crunch and Ukraine War are not once in a generation events.  Covid, maybe (hopefully), but it didn't just effect people born after 1981 did it?  

I'm not saying some generations haven't had it easier than others but that's for reasons outside their control so accusations of pulling the ladder up are frankly ludicrous.

As far families living of the husband's wage in previous eras, this had a lot more to do with attitudes to women working and the lack of equal pay (which still persists to some extent today).  
   

NannaH

Working class Women have always had to work to help keep their families afloat - in factories/shops/market stalls or even taking in washing -  only middle class Women and above had the luxury of staying at home.

Dunky62

For what it's worth, here is one Boomer looking forward to a decent final salary pension who is certainly not 'sneering' at the younger ones. Indeed one of my main thoughts is how i can use my good fortune to help out my 2 children ,  25 and 28 to navigate the challenging financial hurdles they will undoubtably face.  And I am sure I am not the only one.

german_keeper

Dunky62 said:

For what it's worth, here is one Boomer looking forward to a decent final salary pension who is certainly not 'sneering' at the younger ones. Indeed one of my main thoughts is how i can use my good fortune to help out my 2 children ,  25 and 28 to navigate the challenging financial hurdles they will undoubtably face.  And I am sure I am not the only one.

Me too. Mine are 27, 24 and 19. I worry about them far more than I have ever worried about myself.

Albermarle

Dunky62 said:

For what it's worth, here is one Boomer looking forward to a decent final salary pension who is certainly not 'sneering' at the younger ones. Indeed one of my main thoughts is how i can use my good fortune to help out my 2 children ,  25 and 28 to navigate the challenging financial hurdles they will undoubtably face.  And I am sure I am not the only one.

Same here, but I do point out to them that 'in my day' eating out was a one off treat and not the norm. Plus coffee meant a cup of Nescafe at home costing a few pence and holiday meant a week in Skegness in a B& B 

bluenose1

Dunky62 said:

For what it's worth, here is one Boomer looking forward to a decent final salary pension who is certainly not 'sneering' at the younger ones. Indeed one of my main thoughts is how i can use my good fortune to help out my 2 children ,  25 and 28 to navigate the challenging financial hurdles they will undoubtably face.  And I am sure I am not the only one.

I feel desperately sorry for the young ones trying to get on property ladder and likewise intend to help my kids out financially. Though there are many who won’t have parents to help.
Many employers have now closed their final salary pension schemes, so less pension provision for younger ones. There also seems to be a move by employers to reduce terms and conditions for their staff.
I really do feel there is an element of pulling up the ladder against the younger generation.
Though I also fear the dire state the NHS and social care for us all.
I don’t think our mostly privately educated, wealthy Tory cabinet have any of those concerns and wont be relying on the essential services we rely on. 

Albermarle

bluenose1 said:

Dunky62 said:

For what it's worth, here is one Boomer looking forward to a decent final salary pension who is certainly not 'sneering' at the younger ones. Indeed one of my main thoughts is how i can use my good fortune to help out my 2 children ,  25 and 28 to navigate the challenging financial hurdles they will undoubtably face.  And I am sure I am not the only one.

I feel desperately sorry for the young ones trying to get on property ladder and likewise intend to help my kids out financially. Though there are many who won’t have parents to help.
Many employers have now closed their final salary pension schemes, so less pension provision for younger ones. There also seems to be a move by employers to reduce terms and conditions for their staff.
I really do feel there is an element of pulling up the ladder against the younger generation.
Though I also fear the dire state the NHS and social care for us all.
I don’t think our mostly privately educated, wealthy Tory cabinet have any of those concerns and wont be relying on the essential services we rely on. 

I agree with your general sentiments, but regarding the sentences highlighted in bold. The shortage of labour means that many employers are forced to actually improve terms and conditions, to try and get/keep  staff ,

Workerdrone

A couple of people have chimed in about looking after their kids. That’s right and proper. The normal expectation.nothing out of the ordinary… unless your kids are like dot cottons nasty nic. In which case blood may be thicker than water, but continuing to support them makes a parent thicker than mince. But putting that scenario aside. Supporting your kids does nothing for other kids. It might give you a feel good factor but that’s it. 

I’ve long proposed the much hated inheritance tax shouldn’t go to central government coffers, but rather be to fenced and distributed conditionally to young people for hounding needs. I note labour have not been so bold in such a redistributive policy.

Kim1965

Workerdrone said:

A couple of people have chimed in about looking after their kids. That’s right and proper. The normal expectation.nothing out of the ordinary… unless your kids are like dot cottons nasty nic. In which case blood may be thicker than water, but continuing to support them makes a parent thicker than mince. But putting that scenario aside. Supporting your kids does nothing for other kids. It might give you a feel good factor but that’s it. 

I’ve long proposed the much hated inheritance tax shouldn’t go to central government coffers, but rather be to fenced and distributed conditionally to young people for hounding needs. I note labour have not been so bold in such a redistributive policy.

As i will never inherit a bean, its not a problem for me. 
 I take your point about kids, if you do everything for them they never stand on their own two feet. Its a fine line to thread though, doing more for my kids in a financial sense, will deny mě of any sort of retirement. I have put my two through uni, bought them their first car, they can live at home and save, but thats it.