Generation IPOD has had a uniquely gilded life with high expectations of future wages, financial security and consumer goods. Following in the footsteps of their baby-boomer parents and lacking the good housekeeping of older generations, they have continued to party long past 1999. However, in the process of this acquisition they have run up huge credit card bills, smashed their piggy banks and are now staring at a broken housing ladder.
That is the finding of the Reform think tank
Quite frightening as we enter a recession.The summary says that that half have debts of up to £10,000 and the same proportion that has no debt owes over £10,000.As far as savings are concerned one third have none at all.
One this means as we hit hard times is far from clear but without the cushion of continuing growth,one wonders how this generation is going to cope.
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