Ady1:
Some of us did our working and frugal living way back when so we could have a comfortable retirement. While I concede that I managed to end up privileged I did a lot of that by being 'careful' and putting a larger proportion than most into savings and retirement funds. Those have already been knocked back 1/3 by the stock market crash and may well drop further. Suggesting I sacrifice another half of what is left doesn't have my support.
If gov do what you suggest then there is no point in folk saving for pensions ever again..might just spend it all week by week and then whine at gov for help when it's all gone. If gov does it once then they'll do it every time they run short of vanity project cash.
I have no sympathy for the members of the generation that buys take-away coffee fashionable smartphones, booze cruises and foreign stag-dos and spends £20K on a wedding or changes their car every 3 yrs or 'have it large' in clubs, sports matches, concerts etc
I was the generation that went thrugh gazumping, buying a small house I could just afford and spent the next years after work (and I often finished after 9pm) up ladders wire-brushing cast iron guttering and digging out wood-rot 'cos i couldn't afford to change it. This was also the generation that lived through 15%+ mortgages, used my annual holiday to do locum work so i could afford second hand appliances…
Yes it all worked out well for me when I finally managed to buy a business. It took off but like a lot of self-employed it was because I worked 12 hr days and 24/7 available for emergencies and dossed in a crappy room upstairs while my wife and kids lived 30 miles away and I saw them once a fortnight for a few hours for the first couple of years. And I'm still having to support my kids financially because they can;t learn that life is tough.