7 1 min 9 yrs

Wonder what you make of this?

Grey power is winning the battle for jobs in the workplace over young people. Over the past decade, the over-50s are accountable for more than 90 per cent of the rise in jobs. This age group is responsible for all of the net gain in employment since the credit crunch in 2008, says research by the investment bank Citi. But the reliance by firms on ageing employees is squeezing young people out and could hurt the Britain’s long-term economic prospects

So, we have tens of thousands leaving University each year who cannot get a job because their parents are increasingly staying IN employment. It’s a change that fundamentally changes society and expectations of all age groups within it. How do young people feel about seeing job prospects vanish because their parents generation is working longer and longer? Will this create transgenerational hostility?

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7 thoughts on “AGE WAR!

  1. Older people are staying in work because they have to. Their private pensions have been destroyed and the idea that the state will provide something at the end is now shown as absurd.

  2. Is there any governmental backstop of private pensions in the UK?

    The US has such a plan, but it has it has financial issues.

  3. This is off topic somewhat though some of the discussion this morning pertained to this issue in a general way…I went to a breakfast with Mrs Moneypenny of the Financial Times this morning…smart and very funny lady. She talked about the sandwich generation…50 year olds who are working to care for the children and aging parents…she calls her children “cost centers”…;-)

  4. “Mrs Moneypenny of the Financial Times this morning…smart and very funny lady”

    Would that be the same Mrs Moneypenny who used to work in ‘M’s office whilst flirting with James??

    She turned into a sandwich?
    Well that’s hard to swallow..

  5. Thanks for that A8…I’m really bad with films…I didn’t know Ms Moneypenny of the FT took her name from a Bond film. Funny sandwich/swallow…;-) This is the lady who also has a show called Superscrimpers on channel 4 in the UK—do you know it?…one of the many hats she wears. She lit a spark in me this morning…more things to do and more places to go…

  6. Mairin2,

    But did she refer to her parents also as ‘cost centres’?

    Given the gratuitous damage that Brown did to the pension industry and the total failure of government to realise the damage caused, we could well be facing a lengthy peiod of inter-generational animosity, – not just from job seekers, but also from younger generations in general as parents will increasingly seek help from their offspring.

    Twenty years ago a £100,000 annuity would have bought some 15% lifelong return, today a similar sum realises just over 5% and still falling. Coupled with some of the lowest interest rates ever seen, I would not be surprised to see a big increase in what used to be called ‘tramps’ wandering our country highways and byways. Bearded, scruffy, usually elderly and going from door to door to find an odd job or a hand-out, and sleeping under hedgerows.

    Savers and pensioners are bearing the brunt of twenty years or more of goverment financial mismanagement, and the worst effects have yet to be seen, as they surely eventually will be.

    That this hits ‘about to retire’ workers the hardest, as they have so little time to add to the ‘pot’, must have been obvious to even a knumbskull such as Brown, – in my opinion, his retro active adjustment of pension funfd tax liabilities, was deliberate and callous.

  7. Superscrimpers is popular amongst the more eccentric British viewers. Highly commendable in its intentions, but slightly weird too.
    One of those programmes that people who are determined to get their money’s worth from their tv licence might watch. 😉

    You said you were at a (business/professional) breakfast with this lady. May I ask what is it exactly that you do?

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