David Brent

Today’s 25-year-olds need to save around £800 a month over the next 40 years, to retire at 65 with an income of £30,000 a year, the FT reported today. It even sent out a tweet to that effect.

It was like throwing petrol on a fire.

It all started with this cheeky trying-to-be-millenial tweet

CBA = Can’t Be Arsed.

But is it really that people can’t be arsed? And so the match was lit.

People couldn’t make up their minds over whether they were angry at the ‘CBA’, or the FT’s attempt at sounding hip.

Ouch!

Actually the article is quite informative, but maybe the social media team needs a bit more help.

  1. Richard Harris says:

    The FT, for bankers, by bankers, up bankers…and their sociopathic extended banker rancidity…

    “This ain’t living, ain’t nothing but a movie…”

  2. My son earns £26k pa. so after tax that’s about 1700 a month. His rent is £660 pm. So add the 800 he has to save equals 1400. So he has 300 left to,pay his bills, eat and so on. Good luck with that.

  3. Oh dear! Methinks there’s an awful of of trouble coming. There is only so much piss that can be extracted from the average bladder.

  4. Son on 26k

    The 800 pound pension contribution would be tax deductible so would cost him 400 post-tax. Roughly. So he’d have £730 to live off. And a very good pension.

  5. The people who regularly read the FT live in an entirely different world to the the 99% who are struggling to stay alive in rip off britain ruled by financial thugsz

  6. just another young adult says:

    The minimum salary in my country is 175 pounds per month, which is enough to help you rent one room in a flat, to pay your bills and if you’re lucky, to have food for one week. I’d like to know how you can save that money for pension, since on a modest wage, I can barely make a living, let alone set anything aside.

  7. I’d love to know how! In the sw of England most 25 year olds are lucky to earn £1200 a month before deductions and a cheap rent on a 1 bed flat is £550. You do the maths……

  8. Not sure why people are expecting to have a £30,000 income a year, net, for maybe 20 or 30 years after they retire, and not expect to have to put something into it? So you’ve put in £364k, from which you’d expect an income for life and left over for your estate. £30k net income now is a very good standard of living, I think so anyway, I wish I have that. So scale it down and the outlay becomes less that £800 pm. It is right we look after ourselves and our family, I wouldn’t and didn’t expect anything less, or are we just going to expect this mythical ‘state’ to look after us, funded by whom? it is easy to poke fun at people saying you need to save, but realisticly that’s what we shoudl be doing, each to their own means. The ‘state’ is to look after the disadvantaged, not the people who could but CBA to look after themselves

  9. Ed, most people haven’t got £800/month to spare. It’s so far adrift from reality it’s barking. Young people have thousands of pounds of student debt and rents that don’t bear any relationship to income, before they even get started.

  10. I agree with you Kaye, that was what I was saying, we don’t have £800 a month, that’s because having a net £30k yearly income’s a dream for me and nowhere what I earn now, even before tax. I was saying, not very clearly, we should all put aside what we can afford for our retirement, and not rely on someone else to look after us. Do we need £30k net a year to live on, no we don’t. I would like us all to make an effort and pay what we can, relative to our earnings, and not just the CBA attitude and pay nothing but expect somebody to look after us when we retire.

    That’s my 2c worth

  11. My state pension income is just £6,500 per year, I paid in all my life and I still have to work part time to get by. £30,000 is pie in the sky!

  12. Rosaleen Mccarthy says:

    For knowledge-based workers, improved health combined with employment that needs brainpower (rather than muscle power), retirement at 65-70 is likely to be a luxury in the 2050’s. Plenty of “geriatrics” choose to work beyond the state’s specified “deadline” now. Maybe the millennial generation should be looking to a wise old lifestyle with sabbatical breaks, part-time hours and independence (rather than slow death funded by Stockmarket gambles and perpetuation of a broken system).

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