Saving today for future retirement is an impossibility.
Interest on savings in your bank account is now at virtually zero level.
Mark Carney, the Bank of England governor, has slashed rates to 0.25%.
To be thrifty was once thought to be frugal and prudent.
Having a couple of bob behind you showed good sense and judgement.
Television has adverts advising you to join pension schemes by the Government to save for retirement.
It’s a joke in the world of banking today.
How is the next generation going to save for its retirement?
You would have to save around £235,000 throughout your working life to accrue £10,000 total on retirement.
British workers are totally entrapped by the ploys and gimmicks of business executives, politicians and fat-cat bureaucrats.
They find ways of capitalising on their assets and do not suffer the ups and downs of interest rates as drastically as the average worker.
Employees can’t dodge paying tax on what they earn.
The people who do the manual services see the loss of their homes, jobs and welfare status.
They are humiliated by debt while the Bank of England brings in quantitative easing, which weakens the spending power of the pound.
In today’s banking climate, even if you can manage to save a couple of quid it’s not worth the trouble.
All it will leave you with in the end is the pound you started with.
So why the hassle and bother to visit the bank with what little spare cash you have.