Those born in the 1980s are financially worse off than the generation before: are they really facing a state pension age of 75?

This is Money Podcast

This is Money

Business News, Business, Investing, News

4.1 • 650 Ratings

🗓️ 30 August 2019

⏱️ 45 minutes

🔗️ Recording | iTunes | RSS

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Summary

This week, This is Money takes a look at a raft of inter-generation financial divide stories that have popped up in August.

This includes why those born in the 1980s have less disposable income than those born in the 1970s according to the Office for National Statistics and why the Bank of Mum and Dad is creaking.

Assistant editor Lee Boyce, reporter George Nixon and host Georgie Frost run the rule over these statistics, along with proposals to raise the state pension age to 75.

This was from a right-wing think tank The Centre for Social Justice and has left many industry experts irate.

We also discuss data showing that two thirds of older people say they feel hurt by the inter-generational financial criticism that they are lording it up at the expense of younger generations.

Elsewhere, why easy-access savings account rates could be a better bet than fixed-rate offers and why you should act if you have a Marcus Bank savings account.

We also talk metal bank cards – why on earth would you want one and who is offering them?

Transcript

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0:00.0	Welcome to This Is Money. I'm Georgie Frost and joining Assistant Editor Lee Boyce and I today is reporter George Nixon.
0:06.4	Coming up, the intergenerational financial divide is back in the news. And Lee, I'm afraid it doesn't look good for you and I.
0:13.8	But our older generations, we're living it up at the expense of the young? There are concerns about the pressures facing the bank of mum and dad.
0:21.2	Also today a warning to savers, Marcus is back and would you pay a premium for a metal debit card?
0:27.9	Don't forget, you step to date with all the latest breaking money news. Just go to this ismoney.co.com.
0:31.9	Or download the app. But first, bad news for two-thirds of the people in this studio. Yes, Lee,
0:40.4	it is you and I. Because while the expectation is that every generation has it better than the one
0:47.6	before, alas, that is not the case for those born in the 80s. Just want to double check, Lee,
0:53.4	you were born in the 80s. I was born in the 80s, great, great double check. Lee, you were born in the 80s.
0:54.7	I was born in the 80s, great, great, great. And just one, George, you were not. Oh, wow, wow, wow.
0:59.8	Anyway, so this is all according to a landmark report by the Office for National Statistics
1:03.8	that have shown we're about £800 worse off a year than those born a decade before, whereas those lucky 1970s kids have seven grand more than those born in the 60s.
1:18.8	Okay, right, Lee.
1:21.3	What's all this about?
1:23.2	Well, Georgie, for its first time that the Office for the National Statistics has released data on intergenerational earnings,
1:29.2	and it follows a recommendation from the House of Lords Committee to publish this information
1:33.7	and let people know how they compare to previous generations.
1:36.8	What's the point is this?
1:38.0	There's been a lot, I would say, especially since the financial crisis,
1:43.0	about what you think about people born in the 50s 60s and 70s
1:46.8	about how much more money allegedly they have than people from 1980s onwards again you know
1:53.8	thanks largely to financial crisis that rocked the world economy it's hard to quantify but are we
	...

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