Oh Dear: The median wealth of a 25- to 34-year-old over the decade collapsed

[milanbenes]

http://news.independent.co.uk/uk/thi...cle2374409.ece

'A report said that while the typical personal wealth of those in their late thirties to sixties doubled between 1995 and 2005, the wealth of the young rose slightly or fell.

The research paper showed the median wealth of someone aged between 18 and 24 stayed resolutely stuck at nil between 1995 and 2005. The median wealth of a 25- to 34-year-old over the decade collapsed from £3,000 to £950.'


how the feck can a 34 year old _only_ be worth 950 GBP ?

Sounds like a third world country type of statistic !!!

Milan.

[ContractIn]

http://news.independent.co.uk/uk/thi...cle2374409.ece

'A report said that while the typical personal wealth of those in their late thirties to sixties doubled between 1995 and 2005, the wealth of the young rose slightly or fell.

The research paper showed the median wealth of someone aged between 18 and 24 stayed resolutely stuck at nil between 1995 and 2005. The median wealth of a 25- to 34-year-old over the decade collapsed from £3,000 to £950.'


how the feck can a 34 year old _only_ be worth 950 GBP ?

Sounds like a third world country type of statistic !!!

Milan.

I know many who are wortha lot less!

[Gonzo]

how the feck can a 34 year old _only_ be worth 950 GBP ?

Sounds like a third world country type of statistic !!!

Milan.

I would imagine it would be down to the very large numbers that they have in the liabilities column under the heading "Credit Cards".

It is all very well owning a property but if you are mortgaged to the hilt and have borrowed heavily on the credit cards to pay for everything else then your net assets are not going to be very high.

In the olden days people who mortgaged themselves to the hilt would find after a few years inflation had made the size of their repayments more manageable.

These days, any sign of rising inflation will mean the BofE will raise interest rates and then servicing the credit cards will get more expensive, so high inflation is more likely to push people over the edge rather than come to their rescue.

Doomed etc.

[Swamp Thing]

I blame it on all these students allegedly 'graduating' with their worthless meeja studies degrees, saddled with a £20K student debt, finding themselves hopelessly equipped to get a proper paying job and woefully unprepared for real life.

Harsh, but I'm in that kind of mood today.

[bobhope]

If you think about it rationally, you have 2 options: either accumulate large amounts of capital, or don't save at all and rack up as much debt as possible.

The middle option makes no sense.

For example, pensions: If you retire with nothing, you'll get say 10k a year (can't be bothered finding the exact figure but it's something like that) in benefits from the government which is means tested.

To get the same income privately, your pension pot needs to be about 150 - 200k (in today's money).

So you should either have much, much more than this or have zilch in your pension pot.

Which explains why few people bother.

[ZZZZ Snoozer]

http://news.independent.co.uk/uk/thi...cle2374409.ece

'A report said that while the typical personal wealth of those in their late thirties to sixties doubled between 1995 and 2005, the wealth of the young rose slightly or fell.

The research paper showed the median wealth of someone aged between 18 and 24 stayed resolutely stuck at nil between 1995 and 2005. The median wealth of a 25- to 34-year-old over the decade collapsed from £3,000 to £950.'


how the feck can a 34 year old _only_ be worth 950 GBP ?

Sounds like a third world country type of statistic !!!

Milan.

Well it's a long time since I was 34 and I'd love to be worth £950 (or £0 for that matter) instead of a sizeable minus amount.