Wise Up Journal

With western governments around the world losing billions of dollars from public pension funds by gambling in the stock-market the BBC puts out an article preparing our minds to expect at tougher life when we grown old and not have a pension. Using a poll they put across their message. Poll’s are very useful as the masses goes along with the crowd in their thinking and poll conditions and exclusions can make the data say anything the poller chooses even when the poll is so called ‘genuine’.


Most believe ‘retirement as we know it is over’

Nearly three quarters of people believe retirement as we currently understand it will not be possible in the future, a BBC Newsnight poll has suggested.

Some 70% of the 1,000 asked thought it would not be feasible for people to stop work then live on a pension for up to 30 years, the ComRes survey found.

Some 72% of those in work were also worried about not having the funds to live as they would like in retirement.

More than three quarters (77%) thought younger people would get a worse deal.

And more than half (54%) thought it was unfair that younger generations would be worse off than those currently approaching retirement age.

Pension changes

The poll of a cross section of adults this month follows a number of changes to retirement announced by the previous and current governments against a backdrop of an ageing population and public spending cuts.

The coalition government confirmed in July that it was planning to scrap the default UK retirement age from October 2011, which means employers would not be allowed to dismiss staff because they had reached the age of 65.

The coalition also plans to raise the age at which people are eligible to draw the state pension faster than the previous government planned to do. Labour had proposed to raise the state pension age to 66 in 2024, with the pension age eventually reaching 68 by 2046.

Jeremy Black, professor of history at the University of Exeter, said younger people who were yet to retire were having to adjust to a dramatic change in fortunes.

“The relationship between the generations has been transformed. Whereas it used to be the case that up and coming generations tended to be more prosperous then their parents, now we’re going to be in reverse,” he said.

Thomas Vaughan, an assistant hotel manager in Dartmouth in Devon, said he was ready for a more difficult future.

“I’ll keep working until I can’t work any more because [with] the state of finances in this country there’s not going to be much of a pension going on… unless I save myself,” he said.Full article


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