Official Report: UK Struggling because of 'Live for Now' Culture

Discussion in 'Finance, Property, Law' started by Wordsmith, Aug 3, 2013.

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  1. Wordsmith

    Wordsmith LE Book Reviewer

    A report by the government supported Money Advisory Service has found that over half the people in the UK are now struggling financially. It's has also found that two of the main reasons for this are a 'live for today' culture and a lack of understanding of personal finances.

    I'm going to suggest that this is going to take decades to sort out and will require a major cultural change before it happens. Only when people realise the good things of life have to be worked for and not brought on a credit card will peoples finances begin to sort themselves out.

    And I'm sure one of the main roots of the problem lies in our educational system. We're just not equipping people with the skills to look after their finances when they leave school - so they go through life pursued by debt.

    26 million people struggling financially - Telegraph

    The Money Advisory Service is free and can be found here:

    While the full report is here;

  2. It doesn't matter if you save, the interest rate is below even the faked inflation figure, and some little turd in a bank would destroy your investments anyway (and the govt would then reward him from the public purse). Better to go to the pub.
  3. Its never going to change. People are used to the want it have it culture and you are not going to get rid of that expectation again.
  4. People also need an incentive to believe that tomorrow will be worth saving for. The older amongst us may very well have a lifetime of believing it to fall back on, but for the 20 and 30 somethings? There really isn't that much to be saving for unless you're absolutely desperate to bale yet another cretin in a 'too big to fail' boardroom out of a hole of his own devising.
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  5. Well it just reflects the reality of an economy that's been on it's arse for an unprecedentedly long period. Babbling about thrift is just papering over the cracks. There's often no surplus to save and worse folk slip into ever deeper debt. Besides UK government policy for decades has been to encourage a high consumption lifestyle supported by high levels of indebtedness, the "ownership society", student loans etc. Aspirational but often feckless. Much of UK PLC behaves in the same way, this is a cultural phenomenon.

    And it doesn't really help that there's been rather a lot of inter generational theft. Young folk facing high housing costs, falling wages, unreliable employment. The luckier ones enter working life with large student debts and now they have to shoulder providing for an elderly population that contains far too many folk entirely dependent on the state which finally means more taxes and cuts to services that might have helped them better themselves.

    Nor should they be confident that savings are safe or that overvalued assets purchased from their more cosseted elders with debt will hold their value.
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  6. Can not be true House Prices are raising say the Nationwide - the economy is on the mend it looks very rosy for the future

  7. Maybe lay off the sauce for a bit , eh........
  8. |Don`t think so that has been trashed in the past 5 years for most over 50`s, I certainly dont intend to put much money into a bank or building society account - alternative investments for me

  9. You're investing though, not spending. You still have some hope that you can make the money you have now benefit you in future. A lot of others don't, thinking if they don't spend it now it'll either be worth less in future or be nicked by some smarmy git in a suit and the ear of the current PM/Chancellor.
  10. I wonder how many suits at the MAS it took to conclude "Everyone's skint because essential stuff in the UK costs so much!" What was the total cost of the report and what use will it be put too?
  11. Another good reason is that prices are rising but wages arn't keeping pace, savings are being eroded by inflation.

    People are worse off.

    There becomes a time when no matter how well you manage your money you can't manage.
  12. And on the basis that any advice from a member of your venal, inept, loathsome, repulsive and discredited trade should be taken in reverse, I've just mixed myself a jug of Brutal Marys.
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  13. Are you suggesting that only businesses should be able to borrow?
  14. Your insight is staggering, truly.

    Brutal Mary's are known in these parts as "Jarrod's".
  15. Wordsmith

    Wordsmith LE Book Reviewer

    No - only that people live within their means.

    I am aware that there is a significant part of the population on low incomes, struggling to make ends meet. I have sympathy for those people because many do manage their money carefully, yet still have problems paying bills. On the other hand, there are people on better incomes that are still feckless with money. From the report:

    Money Skills-1.png

    Its the 18% in this survey who would still go out even if they can't afford it that I have zero sympathy for.