The study, by the Financial Services Authority (FSA) and Bristol University, published today, is the biggest of its kind undertaken in Britain. It paints a picture of a generational divide fuelled by higher education costs and the collapse of company pension schemes – with 42% of adults now with no pension and 70% with no meaningful savings.
So, what does the FSA propose doing about it?
The FSA will call today for a new national strategy to improve Britain’s financial capability, including workplace-based financial seminars targeted at 4 million employees; making personal finance more prominent in the national curriculum from 2008; and “money doctor” packs which will be sent to 1.5 million new and prospective parents each year.
Is it me, or is this code for “fuck all”? I don’t need to attend a seminar to tell me I can’t afford to buy a house – I need affordable housing. I don’t need more education to tell me how to afford paying a pension; I need to stop subsidising rich old people living in expensive housing.
Talking of rich old people…
Help the Aged criticised the report which, it said, ignored the needs of older people.
*YAWN!* It always has to be about you, doesn’t it? We’ve had nothing but report after report about the needs of old people. Cash poor, asset poor old people I have every sympathy for: that’s me in a few decades. Cash “poor” asset filthy-rich I have no time for; why can’t their assets pay for their generation’s poor? Why do I have to pay, just because I don’t have vast sums wrapped up in property?
Mutter… grumble… grr…