poor/rich devide

[gills8752]

I'm not going to comment because I'm not in a literate mood and wouldn't want to offend anyone - just posting so I can be kept up to date with the thread! lol

 

[indy and lara]

I agree tallybee. The whole system is set up so that if you have money you make money. Think of the interest rates at the moment at only 0.5%. The wealthy are crying out about it because they aren't earning interest on their savings but it's a huge benefit to the less well off as their mortgages and variable loan rates drop allowing them to borrow through the bad times. .

I feel recently that I am always replying in opposition to your view PB and that is generally not the case at all as I think that we have a lot of similar views. However...

Some of us fall into both camps with this one. It is a 'discussion' I have often with my Dad who is retired, widowed, has paid off his mortgage and lives off savings. He often bemoans the fact that interest rates on savings are so rubbish now and they are his main source of income. For DH and I, we are glad (like everyone) of low mortgage rates. However, we saved for a long time so that I could be off work for as long as possible when we had a family. Income on those savings are negligible now and have been for several years. Sometimes it is not as clear cut as rich and poor with this one!

 

[PeanutBean]

I have savings too. On a considerable amount I got maybe £150 over about 4 years. For the past three years my mortgage payments have been halved saving me about £15,000. I'd definitely take the low interest! It's the only reason we've been able to live since having Byron.

It sucks for your Dad. I'd argue the issue there is a shitty state pension. If as a nation we didn't expect pensioners to live on nothing their savings would be less important. It's disgraceful for retired people to be scraping together enough to live or, like my mum, having to work. My parents have little savings and little income.