Encourage youth to save
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A thinktank wants the Government to come up with ways to encourage young people to save.
The Institute for Public Policy Research says a “squeezed generation” is saddled with debts and is unable to save.
An IPPR/YouGov poll shows 58 per cent of 16 to 29-year- olds believe they will own their own home but around a quarter have no savings at all.
Over four out of 10 18-21-year-olds and almost half of 22-29-year-olds earning less than £21,000 a year say they have combined debt of £5,000 or more.
The thinktank says the cancellation of the savings gate- way and the replacement of the child trust fund with junior Isas means incentives to save for low-earners no longer exist.
Chief economist Tony Dol- phin says: “We will need new ways of spreading wealth and helping young people build up their assets.”
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Readers' comments (1)
Julian Stevens | 19 Feb 2012 8:01 pm
Encourage young people to save? Let's see ~ student debt, a severe lack of job opportunities, house prices still sky-high, lenders demanding deposits of not less than 10%, everything under the sun regulated to the hilt and beyond ~ the list goes on and on. What kind of magic spell does this think tank think it's going to come up with?
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