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Main Discussion

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Wellington
Posted - 19 April 2017 09:17
Should i be feeling guilty that I recently spent £100 on a new shaft for my driver?

in my defence, the kick point was simply to high imo
camenbert
Posted - 19 April 2017 09:32
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the average asset value of people in the EU is something like 10000 Euro...

If you take out all the uber-rich, that leaves a lot of people on p1ss-all. In an age of collapsing demand for labour.
Parsnip
Posted - 19 April 2017 09:40
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don't you play of something like 20 wellers?
Parsnip
Posted - 19 April 2017 09:40
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off
Wellington
Posted - 19 April 2017 09:42
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19 at the mo
Phoebe Caulfield
Posted - 19 April 2017 09:43
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That seems very cheap for a new penis for your chauffeur
Ukiyo-e
Posted - 20 April 2017 10:46
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So much for the participatory benefit arguments for capitalism.

"Oh but everyone benefits because their pensions own shares in these companies. Employees should be grateful that owners of capital ruthlessly exploit them and strip them of their rights because, err, um, because really they are stakeholders through these savings and pensions that 25% of the population do not have."
Father CYPmas
Posted - 20 April 2017 10:51
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DON'T LINK TO THE DAILY HEIL.
Colonel Pantyfloofle
Posted - 20 April 2017 11:02
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Savings as % GDP in the UK is about 10%

In almost every other developed country (other than Greece) including EU countries it is more like 20%

Up to now this has been financed by loads of Foreign Direct Investment, but after Brexit who knows? Nasty shock coming potentially.

I wonder whether it is worth heavily reducing the ISA allowance and paying poor people to save smaller amounts. I guess this is the idea behind the Lifetime ISA.
3-ducks
Posted - 20 April 2017 11:02
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How's this defined? If you take off equity in the house and my pension pot, and a few shares/investment trusts, I've got about £3.15 in savings.
Colonel Pantyfloofle
Posted - 20 April 2017 11:03
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*Saving as % GDP*
Siegfreid
Posted - 20 April 2017 11:21
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How many of them are children?

The UK has serious problems with household debt, but it means that the high street can keep it lit for the economy. Having large balances on credit cards and motor loans is normal behavior. The rest of Europe is not all like that - the French, on average, pay off their home loans within seven and a half years.
pancake humper
Posted - 20 April 2017 11:26
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That sounds awful Siegfried. If they're paying off mortgages that fast, their houses prices can't be nearly high enough to mean that they're rich.
Wellington
Posted - 20 April 2017 11:28
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it should be a legal requirement for all citizens to have 6 months net salary in cash savings at all time.

they shouldn't be allowed to purchase anything until they have this.
The Grapes of Khan
Posted - 20 April 2017 11:54
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This refers to immediately accessible cash savings. You lose money by saving in this way so it is not surprising most people try to avoid it at the moment.
minkie
Posted - 20 April 2017 12:06
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Pretty low incentive to save cash at the moment, interest rates vs inflation is depleting value of cash assets. On mathematic analysis it makes sense now to spend not save.
minkie
Posted - 20 April 2017 12:10
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Oops sorry Hank didnt see your post

I agree people should have savings for rainy day - keeps people from becoming welfare dependents.
Excession
Posted - 20 April 2017 13:14
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Same here - late 40's/early 50's with 2 tweenage kids is peak cash-squeeze territory for me and the wife.

We have several hundred K in pension pots (well hers is an NHS one) and house equity(and can borrow more cash if we need it at 2% or whatever if we bung it on the mortgage) but I doubt we have more than £5k in our savings account at the moment and about the same in the current account.

The bloody kids have £20k each in theirs, they are richer than us!

The thing is for the middle classes, savings out of taxed income are overshadowed by capital - both in terms of pensions, house equity and (if you are lucky) inheritance(s). That is where the middle class wealth differential is, not in cash at the bank.

Those unlucky enough to have no pension savings, not to own a house and have no prospect of inherited money from parents with houses etc. and who are often in jobs with pretty low salaries have a real struggle to get buy - as do their kids...