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December 14, 2018

Friday news roundup December 14, 2018

Friday news roundup December 14, 2018

22.6 million children are out of school in Pakistan. After years of high fertility rates amongst a population that disregards family planning and birth control, the public school system has not been capable of keeping up with the rapid population growth. According to the finance ministry, only one in two students is able to solve basic mathematics problems upon completing primary school. Pakistan’s current Minister of Education Shafqat Mahmood told AFP that the country now spends 2.2% of its GDP on education and that the amount is set to double in the coming years. Adil Najam, the author of a recent report by the UN Development Programme (UNDP) commented that: “All the important problems of Pakistan are related to education.”

Millennials won’t be able to retire until 70 or later, according to a report from Aon. A new report from the risk, retirement, and health consulting provider says that millennials are already behind when it comes to their retirement savings. Wage stagnation, student loans, and competing financial goals mean that at the same salary, millennials save less than older generations. Katie Utterback, a 28-year-old content writer for a non-profit credit counselling agency commented that: “If we had financial literacy programs in high school, middle school, elementary school, it wouldn’t be such a huge issue.”

Wages in the UK are continuing to rise at the fastest pace since 2008. Wages excluding bonuses are up by 3.3% for the three months to October when compared to a year earlier, according to the latest Office for National Statistics figures. Matt Hughes, the ONS senior statistician commented that: "Real earnings are now growing faster than at any time since around the end of 2016.” Average weekly wages have also risen to £495. Employment Minister Alok Sharma said: "Today's statistics show the enduring strength of our jobs market, with wages outpacing inflation for the ninth month in a row and employment at a record high."