Tyrone Constitution, News for Tyrone and Ireland

Among the biggest victims of the recession are not those who suffer redundancy – but their parents, according to new research from online broker, Selftrade.

At a time of economic slowdown, there has been a resurgence of the multi generation home – couples taking in their elderly parents and also putting a roof over the head of their adult children who are returning home to live.  Whilst most couples are worrying about adapting their own finances to today’s grim economic conditions, the breadwinners of multi-generation homes have two or three generations of family members to provide for.

When Selftrade polled more than 2,000 adults about how the recession had affected their lifestyles, it was those running multi-generation homes who were most acutely impacted. Specifically:

* 77 per cent of multi generation households said they had been forced to make sacrifices as a result of the economic slowdown.

* More than one in three (36%) couples running a multi generation home had postponed plans for a family holiday as a result of the economic slowdown.

* In addition, this group was most likely to have traded down their car in recent months (10%) – swapping their family motor for an older, cheaper – if bigger – model.

* Nearly two in five (39%) said they had ignored the January sales to keep spending down and seven per cent had cancelled social plans so that they could work a longer week to boost income through overtime.

* Whilst these people have taken on bigger financial commitments by looking after adult children or elderly relatives, they have very limited financial reserves to get themselves through a tough time.  Just three per cent said they had been able to save money since the economic downturn.

Dr Stephen Barber, Head of Research at Selftrade comments:

“This latest survey forms part of our ongoing probe into Plan B Britons – people who find their adult lives taking a new and unforeseen direction and have had to re-plan accordingly. Most of these parents have reached their 50s or 60s and are looking forward to their independence and financial freedom. When, suddenly, their adult kids come back home, the financial world of their parents is turned upside down and their financial mastery is tested to the full.

It’s important for people to make sure they have financial control and financial reserves should their lives undergo an unexpected change. Selftrade offers a range of products to suit every life stage – from saving for children to saving for retirement and everything in between.  We understand that not everyone has been able to build up a reserve however Britons can make regular investment payments, through vehicles such as our Regular Investment Service, which will help a nest egg to gradually grow.”

Counsel and Care has today welcomed the report from the ippr and PriceWaterhouseCoopers on attitudes towards social care.  The report highlights that there is still a worrying lack of awareness of social care and its nature amongst the public, with the majority not making any preparations for their own care in the future. The report calls for an independent panel set up by government to engage in a debate on the future of social care.

Caroline Bernard, Policy and Communications Manager, said: “This survey clearly shows that there is still a great deal to do to inform the general public about social care, both in advance of and beyond publication of the Green Paper on social care funding.

“One of the many concerns older people and their carers who contact Counsel and Care’s advice service have about the current care system is its inconsistency in levels of care and charging. Having paid tax and national insurance all their lives, older people cannot then understand why good care isn’t available to them wherever they live – particularly if family or friends elsewhere are getting a better service. And families and carers are shocked when they are informed that social care is not free at the point of need.

“The starting point for this debate – as the report states – is the fact that the status quo is not an option – the system has to change urgently.  Everybody in this country must see the care debate as their business.”

SDLP Mid Ulster MLA Patsy McGlone has expressed his regret at the loss of 70 jobs due to the closure of Meteor in Kildress, near Cookstown.

He said: “This is a devastating blow for the Mid Ulster area. Meteor is a brand known throughout Ireland and it is very sad that a company that has been trading very successfully in the area for 25 years has been forced to close.

“The Conway family are held in very high esteem in the Kildress area and it will hurt them as much as the workers to have to close the plant. Unfortunately, in these economic times even large businesses, such as Meteor, are not immune to the difficulties.

“The question must now be to what happens in the future and how we re-employ those who find themselves unemployed. Some of these workers will have been employed by the Conway family since leaving school and there was a community atmosphere at the plant. We must now do all we can to attempt to gain work for these people.”

The reformed vocational qualifications system will be more flexible and easier to understand for both employers and learners.

That was the message today from Employment and Learning Minister, Sir Reg Empey, who was speaking to stakeholders at a major vocational qualification reform conference in Belfast. The Minister also highlighted that the reform will provide learners with qualifications that are more valuable and relevant in today’s workplace.

The conference is part of the UK-wide vocational qualifications (VQs) reform programme, which aims to change the ways in which VQs are developed and delivered. Employers will be able to specify the skills that they need, and their sector skills councils will develop and approve VQs in partnership with recognised awarding bodies.

Sir Reg places employers at the very heart of the reform system. Speaking at the conference he said: “Specifying the skills employers want, and using that to drive the development of qualifications, will enable the Northern Ireland labour market to function more effectively.

“My message to employers is clear - if you are to be successful in the future, you must continue to develop the skills of your employees. It is the aim of the vocational qualifications reform programme to help you to do this in the most effective way possible. You have an opportunity today to shape the reform programme and I urge you to take it up.”

The new qualifications will be placed on the qualifications and credit framework in bite-size ‘units’ that can be combined to form full qualifications. This flexible approach will enable learners to plan their pathway through learning in the way that best suits their particular situation.