Welcome to Pattaya Live

Welcome to Pattaya Live, like most online communities you must register to view or post in our community.

Don't worry this is a simple free process that requires minimal information for you to signup and become a member.

Be apart of Pattaya Live by signing in or creating an account.

Start new topics and reply to others

Subscribe to topics and forums to get email updates

Get your own profile page and make new friends

Send personal messages to other members.


Sign in to follow this  
Followers 0
john42

This Is Most Of Us.

16 posts in this topic

The group with the highest average total household wealth is the 55 to 64 age group.

Cheer up, it may never happen! That's what my father used to say to me when teenage gloom descended and he was usually right.

Those words of wisdom came to mind this week when listening to another gloomy speech from Sir Mervyn King, Governor of the Bank of England. His predictions about the future would be more compelling if he had been more prescient in the past about the mess we find ourselves in at present. As investment guru Warren Buffett observed, there are only two types of expert when it comes to financial forecasts: those who don't know and those who don't know they don't know.

So, on the basis that two views make a market, here are some reasons to be cheerful to weigh in the balance against Mr King's pessimistic predictions. Baby boomers people born within 15 years of the end of the Second World War (SNP: ^WARY - news) comprise the majority of The Telegraph 's readers and many continue to enjoy a substantial share of Britain's wealth.

According to the Office for National Statistics' most recent Wealth in Great Britain report in 2008: "The group with the highest average total household wealth was the 55 to 64 age group. This group had a mean (or average) of £634,900 for total wealth including private pensions; and a mean of £338,600 excluding pension wealth."

Even allowing for shrinkage since the credit crisis gripped, those are eye-stretching figures and quite contrary to the current conventional view that we are all drowning in a sea of debt. One explanation is that the ONS also found that people aged over 55 owned nearly half or 47pc to be precise of all the housing wealth in the country.

Even after recent setbacks, decades of home ownership proved an effective means for many baby boomers to accumulate tax-free wealth.

That's also good news for many members of younger generations. They may well feel less fortunate, with student debts where their parents got grants, and a mortgage famine, which keeps them in rented accommodation until an average age of 37 or more than a decade after their parents bought first homes.

But the automatic transfer of the inheritance tax (IHT) nil-rate band between married couples and members of civil partnerships raises the threshold for this tax to £650,000. That removes most families from fears of IHT and means John Major's vision of "wealth cascading down the generations" could soon become a widespread reality.

James Thorpe of HSBC (LSE: HSBA.L - news) told me: "Our projections estimate that baby boomers will leave to generations below them over £1 trillion or £1,000bn between now and 2034. This is more than any generation before them and more than the generations following them.

"Baby boomers have a healthier mix of income provision and asset wealth than we expect their offspring to have. Just by being able to leave £1 trillion over the next 23 years would suggest many will have more than enough to live on in old age. Clearly, some baby boomers will be recipients of some of this wealth over the next 25 years too."

Similarly, analysis of Land Registry and ONS data by Key Retirement Solutions suggests that people aged over 65 own about a sixth of all the wealth in bricks and mortar in London and the South East. You can see how much housing wealth pensioners own in other regions in the graphic on this page.

Bad news will, however, continue to make more sensational news than good news. So, for many baby boomers, the predictions of disaster they see every night on television will continue to differ from their own daily experience of reality.

Unlike the credulous young, however, older people also have the advantage of being able to remember economic crises in the 1990s, 1980s and earlier to put today's troubles in perspective. Or, as my father likes to point out from time to time: "Worse things happen at sea."

ANYONE DISAGREE WITH THIS?

Edited by john42

Share this post


Link to post
Share on other sites
  • advertisement_alt
  • advertisement_alt
  • advertisement_alt

The group with the highest average total household wealth is the 55 to 64 age group.

Cheer up, it may never happen! That's what my father used to say to me when teenage gloom descended and he was usually right.

Those words of wisdom came to mind this week when listening to another gloomy speech from Sir Mervyn King, Governor of the Bank of England. His predictions about the future would be more compelling if he had been more prescient in the past about the mess we find ourselves in at present. As investment guru Warren Buffett observed, there are only two types of expert when it comes to financial forecasts: those who don't know and those who don't know they don't know.

So, on the basis that two views make a market, here are some reasons to be cheerful to weigh in the balance against Mr King's pessimistic predictions. Baby boomers people born within 15 years of the end of the Second World War (SNP: ^WARY - news) comprise the majority of The Telegraph 's readers and many continue to enjoy a substantial share of Britain's wealth.

According to the Office for National Statistics' most recent Wealth in Great Britain report in 2008: "The group with the highest average total household wealth was the 55 to 64 age group. This group had a mean (or average) of £634,900 for total wealth including private pensions; and a mean of £338,600 excluding pension wealth."

Even allowing for shrinkage since the credit crisis gripped, those are eye-stretching figures and quite contrary to the current conventional view that we are all drowning in a sea of debt. One explanation is that the ONS also found that people aged over 55 owned nearly half or 47pc to be precise of all the housing wealth in the country.

Even after recent setbacks, decades of home ownership proved an effective means for many baby boomers to accumulate tax-free wealth.

That's also good news for many members of younger generations. They may well feel less fortunate, with student debts where their parents got grants, and a mortgage famine, which keeps them in rented accommodation until an average age of 37 or more than a decade after their parents bought first homes.

But the automatic transfer of the inheritance tax (IHT) nil-rate band between married couples and members of civil partnerships raises the threshold for this tax to £650,000. That removes most families from fears of IHT and means John Major's vision of "wealth cascading down the generations" could soon become a widespread reality.

James Thorpe of HSBC (LSE: HSBA.L - news) told me: "Our projections estimate that baby boomers will leave to generations below them over £1 trillion or £1,000bn between now and 2034. This is more than any generation before them and more than the generations following them.

"Baby boomers have a healthier mix of income provision and asset wealth than we expect their offspring to have. Just by being able to leave £1 trillion over the next 23 years would suggest many will have more than enough to live on in old age. Clearly, some baby boomers will be recipients of some of this wealth over the next 25 years too."

Similarly, analysis of Land Registry and ONS data by Key Retirement Solutions suggests that people aged over 65 own about a sixth of all the wealth in bricks and mortar in London and the South East. You can see how much housing wealth pensioners own in other regions in the graphic on this page.

Bad news will, however, continue to make more sensational news than good news. So, for many baby boomers, the predictions of disaster they see every night on television will continue to differ from their own daily experience of reality.

Unlike the credulous young, however, older people also have the advantage of being able to remember economic crises in the 1990s, 1980s and earlier to put today's troubles in perspective. Or, as my father likes to point out from time to time: "Worse things happen at sea."

ANYONE DISAGREE WITH THIS?

Sounds reasonable to me mate.

Share this post


Link to post
Share on other sites

it just backs up what ive been saying on here for ages .

that is , britain is not skint , its the fear of being skint that is causing the crisis .

the way to defeat the crisis is to spend money , not with hold it .

Share this post


Link to post
Share on other sites

What are you selling Pops ? :thumbsup:

Share this post


Link to post
Share on other sites

Bravo are you saying you are almost 55 ? Or have that money ?

Share this post


Link to post
Share on other sites

>>ANYONE DISAGREE WITH THIS?<<

Other than you posting in the wrong section of the forum ,i would say that you are correct for England at least ,and to a lesser extent Scotland and Wales .

Ireland both North and south is a different story with the value of Property having fallen 50% to 60% in the last 4 years and still depreciating .

PS ,I hate that term ''baby boomers '' BTW . :2guns:

Share this post


Link to post
Share on other sites

I am confused if Bravo saying we are all 55 to 64 or are all worth 630k ??

Share this post


Link to post
Share on other sites

>>ANYONE DISAGREE WITH THIS?<<

Other than you posting in the wrong section of the forum ,i would say that you are correct for England at least ,and to a lesser extent Scotland and Wales .

Ireland both North and south is a different story with the value of Property having fallen 50% to 60% in the last 4 years and still depreciating .

PS ,I hate that term ''baby boomers '' BTW . :2guns:

Just an open question, as for Scotland and the rest this is research...not myopinion!!!

Share this post


Link to post
Share on other sites

I would not say the average age of the board is 55 .. thats dogshit dry.gif

Share this post


Link to post
Share on other sites

Just an open question, as for Scotland and the rest this is research...not myopinion!!!

What have you been drinking ( or smoking )? :startle:

Share this post


Link to post
Share on other sites

I would not say the average age of the board is 55 .. thats dogshit dry.gif

65 isn't it? :laughing: :gathering::detective:

Share this post


Link to post
Share on other sites

65 isn't it? :laughing: :gathering::detective:

And change :laughing: :laughing:

Share this post


Link to post
Share on other sites

And change :laughing: :laughing:

No where near.

You know that!!!

Share this post


Link to post
Share on other sites

No where near.

You know that!!!

55 yes I know that :laughing: :laughing: :laughing:

Share this post


Link to post
Share on other sites

55 yes I know that :laughing: :laughing: :laughing:

:offtopic:

:laughing:

Share this post


Link to post
Share on other sites

I would not say the average age of the board is 55 .. thats dogshit dry.gif

How would anyone know the average age of this board?

Besides, it isn't the average age of the board that is important, it is the average age of the posters. Even then, the average age of the posters isn't so important as the average intelligence of the average poster and whether or not I agree with them on the average.

BUT, I agree: the average age of the board is not 55.

Edit was to correct the ordinary mispellings.

Edited by JONPAT

Share this post


Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!


Register a new account

Sign in

Already have an account? Sign in here.


Sign In Now
Sign in to follow this  
Followers 0