£610 a week pension demand is insane

[Thisismyfinesthour]

Just read that there is an online petition doing the rounds for a £610 a WEEK pension demand to the government.
WTAF? Is the heat melting some peoples brains? It seems over 5000 have signed it.
Where do they think the money is coming from?

Who's working full time and has managed to get a mortgage on £238 a week?

Can you point me to my anecdotal sob stories? Thanks 👍

I've got no idea who the under 40s are who the 40% of non- homeowning adults are, who have given up on buying a property within a 10-year outlook due to deposit sizes and affordability. I don't know their names, postcodes, inside leg measurements or favourite colour. So I suppose you won't accept this zoopla study: https://www.zoopla.co.uk/press/releases/generation-guppie-more-than-four-in-ten-adults-under-40-give-up-on-owning-property/

Even so, generally speaking, most people accept the difficulty young people have getting on the property ladder given property inflation and stagnating wage growth.

Well that’s your problem if you want to ignore the facts

That’s totally irrelevant. Having had children 30 years ago doesn’t mean that you need minimum wage now!

Some young people. None of whom live where I live. 2023 though...

Child related costs, don’t end with nursery though. I think this is a very London centric view. Most people don’t live within walking distance of work unless in a major city

I don't need it. Some do though...

Nobody mentioned walking. According to government figures the average commute is ten miles, that’s local in my book. You get into high commuting costs if you’re talking a season ticket into a major city so it’s not London centric at all.

This whole issue of begrudging payment of the state pension makes me, a pensioner, savage.
I get a full state pension, after working for nearly 51 years.
I get an occupational pension, on which I pay tax on nearly all of it.
I have savings hard won over many years, which included going without holidays.
I do not claim any benefits and never had, other than child benefit.
I now volunteer, doing stuff for free, often stuff that no one else wants to do.
Just leave us alone. I’m done arguing here.

Do you think things have gotten better for young workers since 2023 or worse?

What do you mean by young?

The survey quotes under 40s but I am referencing those working and either aspiring to buy a house, those that wish they could but settle for renting and those who own but are repaying mortgages

Better or worse economically I mean. From my perspective, houses are more expensive than three years ago (rent and price), interest rates are stubbornly high and frozen tax thresholds have fiscally dragged more and more into higher tax. So considerably worse. So I propose that things are very probably considerably worse than the zoopla survey I posted.

Interest rates were at 15% when I was young and paying a mortgage. I agree the tax threshold needs to be increased.

Can't see a difference in the last three years tbh.

We live in different countries so have different perspectives, though we pay more tax in Scotland.

Why the last three years?

Sorry. It was because of your link the three years thing. I can't see it worse.

Because you have highlighted the fact that the survey is 3 years old as a reason to dismiss it.

Yes, tax is even more egregious to Scotland.

*in Scotland

Interest rates were only 15% for a very short period. You also benefitted from MIRAS tax relief on the interest which later generations didn't get as it was scrapped in the late 90s. And of course, house prices were far lower in proportion to wages so mortgages were lower and interest was obviously lower on a smaller debt.

House prices have been flat over that period. Rents have gone up because landlords are selling up - it’s supply and demand. As for interest rates being stubbornly high, all you’ll get is a hollow laugh from those of us who were paying mortgages during the years they were in double figures. No fixed rates then either.

I'm fine with IT in Scotland.

Apparently it was for a "short" period. I can't remember paying less than double figures.

Double digit interest rates were late 80s and early 90s a period of approximately 8 years.

They were only over 15% for around 10 months in 1990.

With MIRAS tax relief, even 15% was actually more like 11/12% because of the tax relief on the interest.

Yes, interest rates did peak at frightening levels. But it must be remembered, the average house price at that time was 3-4 years' salary, not the 8-10 years salary that it is now. Yes, you may have had periods of high interest, but that was on a much smaller debt.

Furthermore, https://www.rightmove.co.uk/news/house-price-index/ suggests a fair bit of bobbing around but the trend is up.

Yes I know. I bought my house in 1987. Back to your old name?

What age are you?