Since the Second World War each generation has become richer than the previous one, mainly through inheritance…..now this trend is coming to an end.
Economists have warned that children born in the 1960s and 1970s will be worse off than their parents when they retire.
Today people aged from 34 to 53 are suffering from poor pension provision, low pay rises and the expensive cost of housing. Their only hope of a comfortable retirement relies on a substantial inheritance.
The Institute of Fiscal Studies in the UK says that the rise in earnings and benefits over the past 11 years has been a meagre 0.1 per cent a year. Whereas, between 1974 and 2002, annual average growth was 1.5 per cent.
The huge increase in the value of homes has fuelled personal growth over the past 50 years………but now home ownership is on the wane, with many young couples being forced into renting. No longer will the equity invested in the home be a nest egg for the future.
The rapid switch away from well funded company pension funds has also been a setback for those born in the 1960s and 1970s. Also, when this generation eventually receive their state pension, it will replace a smaller proportion of their earnings than is currently the case.
Present day teenagers and those people in their 20s will be even worse off. A recent report states that they will become the first generation in more than a century to be materially less well off in adulthood than their parents.
So what should the working population do to ensure a comfortable lifestyle when they eventually retire?
As one door closes, another opens.
The startling growth of the internet over the past twenty five years, and more recently of online social media, offers amazing opportunities to create a substantial supplementary income.
So how do you go about creating this income? The only sure way is through building an affiliate marketing business.
There are a large number of step by step tutorials showing you how to start building your affiliate marketing site at Wealthy Affiliate. This site has a great community spirit, which ensures you will receive all the help you need, alongside personal mentoring from myself.
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