Originally Posted by
ShyTorque
The 12.5% is of course on top of their university loan repayments. How the hell my youngest is ever going to have room to pay a mortgage is beyond me. The many thousands of school leavers who were encouraged to go to university by Blair's Government (mainly to avoid them appearing on the unemployed list ahead of an election) are going to struggle to pay back their "taxes for life".
Frankly I think many people in general will struggle to put 12.5% aside. The cost of living in the UK seems to be growing far quicker than income before we even consider our national past time of slapping tax on everything. Retiring with a savings pot of 10x final salary will require the Govt to actually think strategically and stop raiding savings schemes, in whatever form they come, for a quick fix. I know we grumble a lot, but we are in a better position than most, and I really do fear the country will have real problems in 40-50 years time when those who aren't as fortunate come to retire. The implications for society and social cohesion, let alone Govt finances are frightening.