Wednesday, April 11, 2007

Debt society.

Did you know that when the average student graduates now they will be between £15000 - £20000 in debt. Another interesting fact is that the average age a person buys their first house is now 34. Next consider this: in 2006 house prices rose 9.8% to £214,566 which means you'd need to have earned about £20000 after tax and national insurance just to get any closer to being able to afford a property. I found this out from a telegraph article whilst looking into a report by the think tank Reform. The report aptly titled "IPOD Generation" (which stands for Insecure Pressured Over-taxed and Debt-ridden) discusses the situation for adults under the age of 35 and unfortunately I'm in this age group and worse still I can confirm that it is a pretty accurate reflection of the society we are faced with. Enjoy your retirement Mr. Blair.