Hi there, and thanks for visiting The Penny Pot. Here you will find many different articles from all over the world about all different issues relating to Finance. This is the first post of many and I hope add to the blog on a daily basis discussing and sharing my thoughts on what is happening in the worlds credit difficulties that is engulfing alomost every aspect of life.
Every day we pick up the newspapers or turn in the TV we see news about recession. Recession this and recession that the world is absoultey recession crazy at present! The financial crisis stemmed from people high up in banks and other leading financial institutions making really bad financial decisions and this cascaded down and ultimately led to some of the previously rock solid banks literally going bust overnight.
Now the recession has bit into us and is taking a firm grip on the UK and Worlds econonomy, many people in the retail and services sector (particularly in the UK ) have found that their jobs are no longer safe and secure. The only real ‘bullet proof’ jobs there are right now, in the UK, is with local authoritys, where the weaker salary (in comparison to private sector workers) is more than mitigated for with the promise of a healthy, final salary pension.
Lots of young people (18 – 30) give little thought to the future economy and as such this could, potentially, be damaging to the UK economy in the future and the Government needs to make plans now to prevent this ticking timebomb. As people live longer, the strain of caring for people as they live well into their 80’s and 90’s could be a catastrophe waiting to happen. Maybe there needs to be some form of pension tax that young people should pay, and is taken from their salary.