Older generations doing their bit to stave off the credit crunch
Peter Hoskin 2:54pm
As Larry Elliot reports in today’s Guardian, a rise in the number of over-50s gaining employment has "helped Britain shrug off the impact of the credit crunch". Recent figures from the ONS reveal that, in the three months to November, 175,000 new jobs were created in the economy, with an astonishing 90,000 – some 51 percent – of them being taken by those over 50 years-old.
However, the surge in over-50s employment may not be all good news, as it’s not unthinkable that underlying economic problems are behind it. After all – with private sector pensions being so uncertain; house prices falling; and the prices of consumables ever-inflating – the over-50s may be looking to increased employment as a means to get them out of their financial predicament. I’d certainly be interested in hearing Coffee-Housers’ thoughts on the matter.
P.S. For a bit of background reading, Elliot has also written an excellent article on the credit crunch and its associated problems.
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Seasurfer1
January 17th, 2008 4:31pmReading Drudge, the USA top end Housing market ( $1.5m upwards )and the Prime Market, is now going Belly Up. If we follow the truism that what happens in the USA soon happens here, it is not surprising that the over 50s are priming their cash reserves. All this on the back of UK House Prices falling in the back shadows at their highest rate ever. I would argue that current House Prices are only visibly held because of Labours red tape in selling a house ie the ill fated, hipps. The Dam will however burst.