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Isn't it amazing how so many people now take this subject seriously.5 years ago you would have been laughed at.Shame the older generation didnt twig onto this idea rather than the normal 9-5 mentality,they might not have to worry too much about pensions and endowments now..I overheared an old guy talking to one of his friends the other day and he said,(got to get my moped fixed,dont know where im going to find £400 though).I think this is quite sad really after all the years he must have put in..Should have opened their minds,there must have been ways of supplimenting their income even in them days..
17-01-2003, 02:41 AM
I think in the past there has been very much a culture of 'trusting the government to look after you' - largely encouraged by the government, or they certainly didn't encourage people to ensure their pensions were sufficient, or ensure they had a pension at all - but I think this has now passed and people are now much more aware of the need to plan your own financial future.
An aging Britain has also led the government to take on initiatives to educate and encourage todays youth/middleaged to save and invest for their retirement as the goverment will no longer be able to support the anticipated number of the population who will be retirees.
Unfortunately it's too late for those people who are struggling at the moment.
The one thing that puzzles me is that the education system does not teach kids what to do with money once they've aquired it.They teach the fact of getting fantastic results to help in achieving a good (JOB) but thats were it stops.They should be then tought how to manage thier finances from the start.When i left school the mentality was to p--s it up the wall.While this was good fun it doesnt help when the beer days are over.
17-01-2003, 11:06 AM
My husband is a teacher and many a times we have discussed the need for 'life skills' classes in secondary school - financial know how, even things as basic as how to buy a house/choose interest rates, manage your day to day finances, things that everyone has to know to live, so that people don't make expensive financial mistakes during the 'learning curve' - how many of us landed on a stupid interest rate for our first mortgage because we didn't know what we were doing and the financial advisor was just after their commision.
That's before you even get on to investing for your future, a lot of people cannot handle the basics so I don't know how they can be expected to understand pensions and investments and think about putting these things in place.
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