Cashzilla

Anthem for doomed youth

Posted on 13. Aug, 2009 by Cashzilla in credit cards, housing, insurance, lifestyle

It seems as though everything just keeps getting worse and worse for the 20 and 30 something generations.

As I look around at the economic landscape I just have to dispair these days. On the one hand the government suggests a bright future with great high paying jobs available for all graduates, and on the other hand there is the reality of Britain’s and the indeed most of the rest of the world’s economic situation.

- Difficulties getting onto the first rung of the property ladder
- Younger workers representing the majority of those losing their jobs in the current economic climate
- Increased debt at the start of working life due to the removal of student grants
- Few genuine “graduate” level jobs which actually provide the increased pay rates and prospects widely touted
- and now announcements about pensions deficits meaning companies can no longer provide decent final-salary schemes to either new or existing members of staff and that the retirement age will have to rise too.

Even the safety net of the public state pension, and all those index-linked civil service pensions, which have for a long time been seen as sacrosanct, are in serious difficulties due to shortfalls. The Adam Smith Institute seems to be despairing at the situation as well, “The government’s pension schemes would not even pass its own laws and regulations. Indeed, if the cabinet were private-sector pension trustees, they would all have been carted off to Pentonville Jail long ago. Now there’s a thought to keep you happy in an impoverished retirement.”

This dinosaur knows that there have always been financial difficulties for those just starting out on their working lives, but currently it seems as though almost everyday something new comes along to compound the issue.

There must be some good news out there? Surely.

Related personalfinanosaurus posts:

1. FSA to tackle lack of financial knowledge in the UK – about time too.
2. A house, a house, my kingdom for a house (well its close enough)

Tags: featured, first-time-buyers, money, Pensions, uk finance