Why I won't be relying on my state pension... based on the history of major financial crises...

There have been TEN major financial crises in each decade since the 1990s...

O.K. so this is only according to Wikipedia's list of major financial crises so there will be some debate over the number based on different definitions, but this does give us something that's peer-reviewed to go on.

At least three of those nearly everyone will know about as being VERY major:

• The 1997 Asian financial crisis
• The 2007 global sub-prime financial crisis
• The 2020 state-induced pandemic response crisis.

Now on average that's around 11 years between major financial crisis with a lot of smaller ones in between, and note that there have been 6 already in the 2020s and we're barely into 2023 yet!

Why I'm not relying on my state pension.

I allegedly get to claim my UK State pension in 17 years, when I'm 67, so statistically we are due at least ONE more major crisis in that time, probably more like two I would imagine, given the lack lustre nature of the recovery after the governmental chosen response to the Covid pandemic.

And Britain is possibly in the worst position out of every major economy to weather future crises thanks in part to Brexit.

Now, every time a crisis happens some portion of the vulnerable get shafted by a reduction in State funding to those vulnerable people.

(NB crises aren't crises for the rich, they are an opportunity.)

Historically it's been the young and the poor - make the young pay for university, cut benefits to the poor, and the public sector workers through pay freezes which lead to a reduction in real-terms income.

And up until now the government has been desperate to protect ALL old people, mainly because old people vote for Tories.

But at some point the capacity to not shaft the old is going to run out...

I mean we are set for TWO more major global financial crises - NB Britain's recovery plans are based on economic growth picking up and there is literally NO contingency for dealing with future crises which are basically inevitable.

So whose next for the shaft - I predict public sector workers and benefits claimants again.

But with crisis two?

That's very likely the point where the state pension starts to get cut or pushed back hard and fast, possibly to early or mid 70s, and possibly for people in their mid 60s who are going to have to adjust hard and fast, or die.

So no, I am NOT relying on getting my State pension at 67, in fact I think it's HIGHLY UNLIKELY I'll get it at that age, I'd say something like a 90% chance I won't

This is really just factoring in the combination the the terrible state of Britain's public finances, the historical statistical trend in global financial crisis and the fact that we have a rapidly ageing population and the planet's dying.

Anyone currently in their mid 50s or younger who is expecting their pension before 70 is kidding themselves!