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IPOD's are more likely to be in debt

Posted by editor on Aug 19, 2007 - 01:35 PM
Filed under: Politics, Occasional articles

Occasional articles

By prospective parliamentary candidate Damian Collins

Are you a member of the IPOD generation? I don’t mean the way you play your music, but an issue identified by the think tank ‘Reform’. IPOD is not a badge of honour worn by a wealthy consumer generation, but a burden born by young people struggling to make their way in the world.

IPODs are the under 35 year olds who are ‘Insecure, Pressured, Over-taxed and Debt ridden’.

The truth is that today a young couple, even with university degrees and good graduate jobs, will often find that they are struggling to make ends meet by the time they have paid their bills, debts and housing costs. That’s before they think about starting a family and the direct and indirect costs of child care.

The IPODs have seen their earnings rise less quickly than any other age group, and are more likely to be in debt. They are young working people who have been disadvantaged by changes to the tax and benefit system, which has given most support to working age people who do not work. And with house prices rising faster than earnings, they are finding it harder to buy their first home; the average age of a first time buyer is now 34, whereas just over a generation ago it was 26.

We need to give people more opportunities to match their aspirations and help young working people set an example to those still at school and college that application and ambition pays off.

To start with we need more shared equity housing schemes to help people buy their first home. We must make sure the tax and benefits system incentivises work and supports family life and that through the schools and colleges we provide good careers advice and more work based skills and training.

Looking to next generation, we need to give more young people a constructive outlet for their talents and to support them onto the right track.

On Friday evening I attended the opening of the Folkestone Youth Project’s ‘Shed’ centre in Folkestone harbour. The Project started six years ago in response to concerns that there weren’t enough facilities for young people in the Town. Now, thanks to everyone involved in the Project, including its energetic chairman Philip Carter, Michael Howard MP and Roger De Haan, who owns the site, this new centre has opened its doors. The ‘Shed’s’ facilities include a skate park, recording studio, IT, games room and café. Volunteers have helped to transform the old warehouse that houses it, local businesses have donated many of the materials used, and further financial support and resources have come from Kent County Council and Shepway District Council.

I congratulate everyone involved in the Project and wish them well for the future.


 

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