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Friday, 18 July 2014

Friday, July 18, 2014 Posted by Hari No comments Labels: , , , , , ,
Posted by Hari on Friday, July 18, 2014 with No comments | Labels: , , , , , ,

Chris and his wife figure out who's rescuing who...
SOURCE DAILY MAIL: Young adults hit hardest by financial crisis: Think-tank claims real incomes of those under 30 fell 13% since 2008
Between 2008 and 2013, the real household income of the under 30s fell by 13 per cent while among 31 to 59 year-olds, the fall in household income was just over half that at 7 per cent. The IFS said the employment rate among the under-30s fell by 4 per cent following the financial crisis while remaining unchanged for 31 to 59-year-olds. Moreover, those under-30s that could find work found their average pay fell by 15 per cent compared with just 6 per cent for 31 to 59-year-olds. Just over one quarter of adults under the age of 30 continued to live with their parents, the IFS study found, helping to cushion the impact of the recession on their household incomes. Those living with their parents found their income fell by 8 per cent between 2008 and 2013, compared to those living on their own whose incomes fell in real terms by 17 per cent. In contrast those over the age of 60 saw almost no impact on their pay or employment. The report comes four months after the Chancellor delivered a Budget that was largely seen as being aimed squarely at older voters, with reforms to pension rules among one of George Osborne's big announcements. ‘Young adults have borne the brunt of the recession” said report author Jonathan Cribb, a research economist at the IFS. ‘Pay, employment and incomes have all been hit hardest for those in their 20s. 'A crucial question is whether this difficult start will do lasting damage to their employment and earnings prospects’. 

SOURCE DAILY MAIL: Rents rose FOUR times faster than earnings in the last year as demand continues to surge
The latest figures from the Homelet Rental Index show that UK private home rents have risen 7.5 per cent in the last year, compared to a 1.7 per cent rise in wages. Homelet also found evidence that more affluent tenants are entering the rental market, helping to drive up prices and reducing the options of those on lower incomes. The average rent in the UK now stands at £846-a-month, compared to just £787 a year ago, with the rise inflated by hefty increases in East Anglia and Greater London, where rents were up 10.7 and 9.4 per cent respectively. The Bank of England's intervention into the mortgage market and retirees making use of new pension freedom rules to invest in buy-to-let could mean buying a home will become even harder for renters. 

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