This sobering conclusion comes from the think tank Reform, which suggests the current generation of higher education entrees will be ‘Insecure, Pressured, Over-taxed and Debt-Ridden (IPOD).’
The think thank believes that this group of UK citizens will have to shell out around 48% of their salaries until their mid-30s to pay for university debts, increasing living costs, their compulsory pensions and the pension shortfall of their parents’ generation.
The review is damning of the current government’s policies, arguing that graduate debt has increased by over 300% since 2000, leaving students with a total financial burden of over GBP33,000 for a typical three-year course.
Meanwhile, compulsory employer pension contribution, the report argues, will reduce wages at the same time that the young are expected to fill the country’s overall pensions shortfall and when they have been hit with the greatest tax burden.
In conclusion, Reform has urged the government to reconsider the pressure its policies are placing on the young in its next spending review.
