Baby boomers 'have massive impact on economy'
www.moneynews.co.uk > Retirement calculator > Baby boomers 'have massive impact on economy'
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Baby boomers 'have massive impact on economy'
Wed 19th Oct 2011
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Michael Baxter, economist and author of The Blindfolded Masochist, said as this group heads towards retirement, the fact so many people are saving could result in a slowdown in the recovery and keep interest rates at an all-time low.
He commented: "The effect of them saving en masse could suck demand out of the economy; but when they have retired, it can have the opposite effect."
Indeed, once this group enter retirement, they are more likely to spend than save and this could lead to higher inflation and more demand for services.
Mr Baxter's new book highlights the impact the baby boomer generation continue to have on other age groups in the UK.
He claimed the aging population in the UK could have similar effect to that seen in Japan, with vast numbers of retired individuals making up the country's populace for the last 20 years.
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