Are you financially stable?
A report by eight charities including Age UK and the Alzheimer’s Society have said that it is a myth that all Baby Boomers (or Silversurfers as we are known in the UK) born between 1945 to 1965 are wealthy and that politicians have been inactive helping the UK prepare for an ageing society.
According to the report 25% of this generation rents their property and another 25% are still paying off their mortgages while almost 30% have no private pension. While the Baby Boomers are seen as the last generation to receive free university education only one in five have a degree.
The report shows that there is a huge diversity in income and wealth among the over 50’s with 72% of people aged between 50 and 65 still in employment. It also calculated that half of all these people would have to keep working for at least five years after they claim the state pension in order to make ends meet.
David Willetts the former government minister in his book “The Pinch” said that this generation were an economically privileged elite who were the largest, richest generation ever in the UK and could look after themselves.
What’s your view? Do you still work and if so how many more years do you think before you retire? Are we well off as a generation? Do you feel financially stable and prepared for retirement?
What are your views?
We'd love to hear your comments
Log in to comment
You need to be logged in to interact with Silversurfers. Please use the button below if you already have an account.
LoginNot a member?
You need to be a member to interact with Silversurfers. Joining is free and simple to do. Click the button below to join today!
JoinCommunity Terms & Conditions
Content standards
These content standards apply to any and all material which you contribute to our site (contributions), and to any interactive services associated with it.
You must comply with the spirit of the following standards as well as the letter. The standards apply to each part of any contribution as well as to its whole.
Contributions must:
be accurate (where they state facts); be genuinely held (where they state opinions); and comply with applicable law in the UK and in any country from which they are posted.
Contributions must not:
contain any material which is defamatory of any person; or contain any material which is obscene, offensive, hateful or inflammatory; or promote sexually explicit material; or promote violence; promote discrimination based on race, sex, religion, nationality, disability, sexual orientation or age; or infringe any copyright, database right or trade mark of any other person; or be likely to deceive any person; or be made in breach of any legal duty owed to a third party, such as a contractual duty or a duty of confidence; or promote any illegal activity; or be threatening, abuse or invade another’s privacy, or cause annoyance, inconvenience or needless anxiety; or be likely to harass, upset, embarrass, alarm or annoy any other person; or be used to impersonate any person, or to misrepresent your identity or affiliation with any person; or give the impression that they emanate from us, if this is not the case; or advocate, promote or assist any unlawful act such as (by way of example only) copyright infringement or computer misuse.
Nurturing a safe environment
Our Silversurfers community is designed to foster friendships, based on trust, honesty, integrity and loyalty and is underpinned by these values.
We don't tolerate swearing, and reserve the right to remove any posts which we feel may offend others... let's keep it friendly!
The question indicates a condition of being financially stable - what one person's definition of financial stability is may not be anothers. A multi-millionaire who is down to their last half-million may not feel financially stable at all, yet a lot of people would be happy to be in that position.
I believe the Silver Surfer generation (and older) may on the whole be better off financially having been able to work and buy property at more sensible prices, but the threat of an ever-lengthening pensionable age and a gloomy outlook for pensions may mean many people may not reach and enjoy a financially comfortable retirement. I genuinely feel sorry for the younger generations as I believe they will not be comparably financially stable as the Silver Surfer generation.
I would be considered poor, no doubt, by some standards but in fact I currently enjoy good health, eat sensibly, walk most places anyway & have good friends & family, so I am rich in all that matters to me!
I'm would like to sell up and move into something smaller but the prices have gone through the roof here so I would need a mortgage to cover the price of a new house,I'm on a low income so can only get a small mortgage,probably about enough to buy a studio flat if I'm lucky