Private pensions will not exist by 2050 as young people have no interest in saving money that they can not touch for decades
This pretty well summed up my thoughts on it:
Most young people don’t have the means to pay for a pension. Most companies no longer offer them and a combination of student loans and excessively high rental prices (forget about ever buying your own home in most of the country) mean they simply don’t have the money anyway.
A generation indebted from their first day at work, unable to get onto the property ladder and with no savings or investments for the future will become the norm, and it will be interesting to see what kind of political change such a generation will bring about.
If I was a young person starting out I would opt for a job in the public sector. Their pensions are bullet proof, index linked for life and funded mostly by the tax payer. What’s not to love?
And let’s face it, Brown’s raiding of the pension pot does make one feel a bit jittery about going into such a scheme. Remember:
Gordon Brown’s notorious “pension stealth tax” has reduced the value of retirement funds by at least £100 billion, independent research has disclosed. This is more than twice as much as the combined pension deficits of the country’s 350 biggest companies.
Not a good time to be young just now. Come to think of it, not a good time to be old either or in hospital or in a care home or to be middle-class or to be in the UK.
Filed under: Politics & economics