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Any Govt that tried to do this would create massive division in society and would be swept from power pretty rapidly. At the moment we are all united by paying in to something that will help us when we get old. That was the fundamental understanding as we paid from our salary to the Govt every month. No amount of saying it's becoming unsustainable changes that fact. It also sends a terrible message about pensions and savings generally to ordinary people, suggesting why bother and who can you trust.

Jeremy Hunt , the Tory Chancellor cut the National Insurance rate (just before the General election) , making a bad situation worse . . .

It's highly impossible to raise a deposit for a property or mortgage here in the UK due to stagnant wages of the past decade or so. It would be interesting to see another comparison video of each country' average wages alongside inflation rates, including energy prices etc.,etc. I reckon it would be an eye-watering video to watch.

Great post and an eye opener. I'm 62.

So they need to give the money back that people have paid to these bastard thieves

Interesting video, would have been good to get a comparison of average take home salaries, as this is a big factor

'We are struggling as a nation. The public purse is in deep deep trouble.' No problem finding 10 billion to help other countries fight 'climate change' or the billions we have sent to Ukraine though.

The end is near very near

I was 26 when I bought my first house and it was 3 and a half times my salary.

Our pension system is inadequate compared to Germany,we paid taxes while earned now taxed again, but the wealthy don't get wealthy with giving money back, PAYE tax fiddle free, national insurance was was for pension and national health, the More you earned the more you paid, where ever there is a scheme is a schemer

Give it 15 years and the population start peak and no need for housing at this rate. Germany is almost peaked , we will follow....

Explain why you say SP is BENEFIT!!!

These houses in UK are like half size of normal house. So you basically buy half house. Average house size is between 62-80 m2 in UK , in continental Europe average house is between 120-165m2

I bought my first house at 26. I was fortunate to inherit £25,000, which I used as the deposit. That was just over a decade ago. If I was in my 20s now, that £25,000 would go nowhwere near as far and I'd be smashed by the interest rates. Kids have been played a rough hand.

Staying with parents could be a solution in your 20s but then what about starting a family? I think a sensible spender / saver should be able to balance quality of life with affording a home in their late 20s , early 30s

Mate you should have also included the average incomes alongside the average house prices in each country as that tells more of the story. US and Swiss citizens on average earn far more than UK citizens which changes the affordability dunamic.

Adult children rates will skyrocket in the UK in the next 10 years...

Does put things in perspective. Is the UK easy? No. But when you also factor in average wage: Canada £30,000 Switzerland: £88,000 With far higher property prices.

Gaslighting the public is a really bad start.

Hey Peter this was well put. It’s why I moved from London to Leeds back in 2019. Now on the property ladder(2022) 🪜 and fixed my interest rate to 2% for ten years. What your saying is the truth people need to make decision whether to pivot careers for the 💵💵or move out of town to cheaper areas.

Are you using both median and mean averages?

Lowest age… but maybe highest in debt?

34 still with mum and dad living in Essex

Billions to UKRAINE and Billikns illegal migrants...Yet ZERO for the indigenous people of the UK. What a shit show.

You are totally wrong! When you work your whole life and pay significant sums of money BY LAW into a pension system, you have a legal right to a pension. This is NOT a benefit, it is a pension. The problem is the whole system has been brutally mismanaged by every single government since its inception. The benefit system is now, and has been completely abused by those who will not work and now, we have the massive drain of immigrants who have contributed not a single penny to the system but are given benefits automatically.

The Private Sectors are compliant to TAXATION, and also has the VAST RESOURCES of TAX TABLE INCOME, Commensurate, Compliant to its TAX TABLE-LIMITATIONS, since example, The First TAX PAYERS-PRIVATE SECTORS Presented the Table of Tax, as also attested by each House, the House of Commons, The House of Lords, The Parliament, Accordingly, able to report, Reconcile, Install, its respective TAX OFFICES, as that of Foreign Embassies, all compliant to the State-Government TAX Table, with what is/was presented by the Private Sectors, Including its GDP-areas of Businesses as a Private Sector example:FOOD MANUFACTURING, FINANCE, HOUSING, PHARMACOLOGICAL DISTRIBUTION, MEDICINE-MANUFACTURING, FINANCIAL ADMINISTRATION, REAL ESTATE-PROPERTY TAXES ADMINISTRATION RESPECTIVELY Able to Reconcile, Calculate, Forecast Limitations, Per LLCS, Patents, Trademarks, Copyrights, Copyrighted Materials-All attested by SEC registrations, Trade and Industries, British Chamber of Commerce and Industries, Inclusive of Private and Public sector Education-Also through Attested sponsorship classes, INTERNSHIP-IMPORTANT to MEDICAL and HEALTH CARE-MANAGE CARE-MEDICAL SERVICES ADMN and NATIONAL HEALTH SERVICES ACCORDINGLY-Compliant to TRIAGE-TRICARE Systems Maintained, attested amongst Providers, PPS, Partners, Workers and State Union Pensions systems are maintained, TAXES, Tax Table-SELF FINANCE, Witholding TAX Systems, Assets Supplies/Assets Equipment Supplies under Warranties Protection. The State Pension is as to be as established since it is Private and Public Sectors Protection-Services, Data Statistics Maintained/Protected, warranted and Backed up, Compliant to all details of QUALITY CONTROL/HIPPA-IHI-DATA PROTECTION/SECURITY and REGISTRATIONS-PROTOCOL, TAX TABLE and TAX MEASURES-REGiSTRATIONS for EMPLOYERS-EMPLOYEES BENEFIT/PRIVILEGES/PROTECTION/WARRANTED SERVICES and QUALITY ASSURANCE IN ADMINISTRATION, INCLUDING EXPERTISE PROTECTION Accordingly, the Nature of Work and Registrations accordingly-TIERAGE And LEVELS EXCEPTIONS that SERVES AS A DEFINITE CONNECTION, QUANTIFIABLE-REALIZABLE ACCORDINGLY and so as Various Exceptions.*****THANK YOU*****This is NON AI Standards of Excellence In communication, Information, Trial Balance for Consistency/Professionalism in Industries, Accordingly Attested and Maintained************

The first thing to admit is there is a problem. But we refuse to. So they'll continue until the bailouts and money printing start again. I watch in open mouthed disbelief at this country and pretty much everyone in it

Take Take Take. ALWAYS from those who can LEAST afford it. Throw pensioners on the scrap heap and leave us to either FREEZE or starve to death. If we have paid IN for years, you SHOULD get it. This country has been bankruptcy for years. ANYONE who has paid in IS entitled to it like it or not OR give them a REFUND on it. DON'T blame Brexit for EVERYTHING I find it offensive

New Zealand is not in Australia.

If they were to look at how much money you've got in the bank. Then wouldn't people take this money out of the bank. So they would get the full pension.

If they weren't funding foreign wars they would have cash to go round.

Great video thank you

its an entitlement!! i have paid in all my life!! they have no right to take it away!! They should stop money laundering our money to ukraine,and other countries the made rwanda deal, the french deal, the unions deal, constant contracts for things we do not want!!

The Government want you to drop dead the day you retire.

Hiya, I have a little input into this conversation. You said people might not be incentivised to build wealth if they are going to take it all away when you die so your kids can't inherit it. I'd counter that with.. If their kids inherit all the wealth this will give them less incentive to work and less more incentive to buy/inflate assets poorer people need like housing creating a really weak a economy. I think you should tax inheritance over different thresholds to stop the less well off loosing what little they have.

I’ve worked officially from aged 16 I didn’t collect my pension until aged 66 years and 8 months prior to that at 14 I worked part time to help my mum. I still had to pay £1400 into the pot because they said there was a shortfall. Yet others work 46 years bi just don’t understand it. How come Keir Stalin can protect his pension?

Compound interest of national insurance payments?

All manner of contributory factors to longer life expectancy. Deindustrialisation, lack of dangerous jobs in primary industry and extraction industries like mining, for the most part fewer wars than before, plus improvements in healthcare technologies, etc. Your points are absolutely correct. Legally, it is a benefit. Morally, as you rightly observe, it isnt. But, rulez is rulez. Even if the petition would have got enough signatories, it wouldnt have changed HMG's POV. It could be better administered and managed, but as usual with the British state, things get kicked into the long grass.. when you compare what other comparable nations may have done with Soveriegn Wealth Funds, particularly those where revenues from oil & gas extraction industries are concerned, those funds have been better managed. But, thats by the by, Your advice is absolutely bang on though. Absolutely spot on. Too many of us at the age that I am at (59) never had this kind of advice when we were growing up.

They need funds to raise the MPs salary and benefits

Taxing you on stuff after you have already been taxed is criminal - they have set tax bear traps all over and are closing down all escape routes. It’s becoming a tax death spiral for all

The pension pot is empty, it has been for decades as the govt spent it poorly on garbage, now I am forced to pay for a pension I may not qualify for? Sod that!" I paid more in NI that most people paid in Tax and I am still 11 year away from getting it. I know now that I won't get any pension and I will never pay a single penny in taxes to the UK again (living overseas atm) because billions in taxes are going to corrupt businesses bribing MP's to legislate in their favour and illegal immigrants. For some reason the govt cannot bring in and reward illegals fast enough.

Load of tosh! There are no standard Jobs out there to Plan for the Future.

As a former Brit.... Simple solution - copy the Australian model. The state pension IS already asset tested here, but mandatory contributions to Superannuation is required for every employer. This has been in place since 1992 and the contribution level has been increasing steadily - currently heading towards 12% annually. You have almost total control over how the money is invested in your profit-for-members Industry Super fund. All contributions from Superannuation (once retired) are 100% tax free, and concessionally taxed (15%) before you retire.This is a huge incentive to put as much as possible into your Superannuation, as it reduces your income tax load. By year XX there will be little to no need for a State pension for most people, as they will have funded their retirement through mandatory contributions throughout their work life.

I am 72 and I intend to live as long as possible to get as much money back as I can. At the moment I am in good health so it looks like I will get quite a bit back - touch wood.

The UK State Pension is amongst the poorest in the EU. I DARE ANY government to attempt to abolish the SP. It would be political suicide. Every party leader must be asked BEFORE an election whether they will 'mess' with the SP. If they will not answer then we can take that as a YES. The most hated Chancellor in history. The SP age is being progressively pushed back to save money. They want to pay in, but they want you to die before you ever get the chance to take out. So eventually we will all pay in, but we will never get anything out. In other words it is dead money.

Qhat you discuss about taking a loan against the asset is what Michael Saylor is doing with bitcoin. I dont understand it fully but assume that you need a large amt of starting capital for this to work. Can you elaborate at all? Nice content.

Thank you sir for bringing this to our attention. William

Just make the rich pay some fffing taxes

I am not your demographic and between 24 and 44 so I out. See ya

Stop NI, increase general taxation to offset it, force employers and employees to pay more into a pension, when unemployed, pay into their private pension and end state pensions from about 2060.