the co-operative life in modern britain - contentful ...€¦ · this is the first in a new series...
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The Co-operative Life in Modern Britain:18-30: The Lost Generation?
IntroductionThis is the first in a new series of reports by The Co-operative Group, looking at the issues affecting the British population at various stages in their lives. This edition focuses on the 18-30 age group.
The Co-operative Group’s family of businesses, which include Food, Bank, Pharmacy, Legal Services and Funeralcare, offers customers the chance to trade with us as they move through the various stages of their lives.
From buying a tin of beans, to buying a first home, to planning a funeral The Co-operative aims to be “Here for you for life” and has commissioned a series of reports, that shines the spotlight on different generations.
This report entitled “The Lost Generation” focuses on the attitudes and aspirations of those born between 1983 and 1995 who, according to our bespoke research, are struggling to cut the ties with their parents.
These young adults appear to be finding it more difficult than any previous generation to become independent, both emotionally and financially. Indeed, our findings show that although the majority of under 30’s admit to having gone cap in hand to their parents for financial hand outs, many are still in debt.
However, debt is no longer a taboo for this generation as our findings have shown that owing money does not give 18-30 year olds sleepless nights.
The report also looks at the lifestyles of the 18-30 ‘lost generation’ and explores how their early life experiences have shaped them as adults, if their salary is in line with their expectations and if, indeed, they are happy with their lives.
What was early life like for today’s 18-30 year olds?Is this the first generation of young adults who have been molly-coddled through their earlier years, being kept indoors, watching more TV and playing more computer games? What effect has this had on their health and wealth in later life?
A recent study1 has revealed that parents believe that childhood is over for many children by the time they reach the age of 12. Indeed our findings show that, before leaving primary school:
SCHOOL
32% of today’s 18-30 year olds never swung on a rope swing
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29% of today’s 18-30 year olds never made a den
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28% of today’s 18-30 year olds didn’t even play conkers
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26% of today’s 18-30 year olds hadn’t ever climbed a tree
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15% of today’s 18-30 year olds never had a water fight
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13% of today’s 18-30 year olds never rode a bike
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34% of today’s 18-30 year olds never flew a kite
SCHOOL
40% of today’s 18-30 year olds never made a daisy chain
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52% drank alcohol
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34% smoked
SCHOO
L17% took drugs
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80% did play computer games
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92% did watch TV
However, before leaving secondary school:
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34% bunked off school
Matthew Alexander and Heather Stevenson, both 23, are engaged and live together in Stockport, Cheshire with their two children, Lily, 5 and Oliver, 10 weeks, and two cats. They have been together for six and a half years and engaged for five.
Both work full time, Heather as a team leader at a large restaurant in Stockport (currently on maternity leave) and Matthew in a warehouse in Bredbury, which distributes magazines and newspapers to most of the North-West.
“We don’t have any regrets. Heather and I are only 23 and already we own our own car and house both have decent jobs with the opportunity to progress, two lovely children and are starting to plan our wedding.
“We both went to college but neither of us wanted to go to university. We already had our daughter by the time we finished college and wanted to be earning. We both have decent jobs without the degree or the student loan
“Our biggest financial outgoing is our mortgage. We signed for the house when we were both 20, and because of our age and earnings we were only accepted for a mortgage of £100,000 so we had to find the rest. Only one of our friends owns her own house, one or two rent but most are still living with their parents or are away at university.
“Car insurance is a big expense for us but our food shopping costs roughly the same, if not slightly more. We are very lucky that we get free holidays every year as Heather’s parents own a house in France. We have also never taken out a loan and neither of us have credit cards.
“ Our parents do support us financially at times and treat us to things that we probably wouldn’t have bought for ourselves and also babysit from time to time.
“We are lucky as we are both in good health, however we are under more strain at the moment because we are in the process of trying to save money for our wedding which we hope to have in 2015.
“We both think it’s really important for your children to see you going to work, and earning your own money. We both grew up with both our parents working, they set us a brilliant example and we want to pass that on to our children.
“The hardest aspect about working full time is that Heather and I don’t get much time together because of our opposite shifts. We each get lots of time with the children, but often pass in the doorway as I’m getting home and Heather’s leaving for work, to save on childcare costs.
“In future, we would love to start buying houses that need lots of work, do them up and rent them or sell them on. We did our own house from scratch and really enjoyed it as well as adding value. We are still undecided about having more children. We are both still young and have plenty of time. I think we might, but have no plans for more at the moment.”
Case study: A young family who champion traditional values
4
The slow road to independenceThe findings have shown that 18-30 year olds are not shy about asking for financial support from their parents or guardians – and the Bank of Mum and Dad continues to thrive.
The overwhelming majority (84%) of young adults admit to going ‘cap in hand’ for financial support for a wide range of things – from food shopping to beauty treatments to car purchases. Unsurprisingly, it is those just starting off in adult life (87% of those aged 18-24) who have needed more financial help from Mum and Dad, compared to 81% of 25-30 year olds.
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16%
13%
12%
10%
9%
9%
5%
Choosing a holiday
Gardening
Choosing a house
Planning a wedding
Help completing work for a job I’m employed to do
Childcare
Choosing a partner
The Bank of Mum and Dad provide more than just money
The Bank of Mum and Dad: What do
18-30 year olds ask for financial
help with?
Cosmetic Surgery 3%
Childcare Costs 4%
Fines (i.e. parking) 5%
House Purchase 8%Energy Bills 16%Car Purchase 19%Car Running Costs 19%
Wedding Costs 9%
Rent / Mortgage Payments 22%Nights Out 24%Beauty Treatments 25%Phone Bill 28%
Education Costs 35%Holidays 36%
Christmas Gifts 37%
Debt Payments 16%
Birthday Gifts 39%Clothes 40%
Food Shopping 43%
Likewise, despite young adults flying the nest to embark on their own lives, the majority (80%) still call on their parents for help with basic tasks and reassurances when making decisions – both big and small. Females (82%) are more likely to ask for this emotional and practical support than men (78%).
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40%
34%
27%
26%
22%
21%
20%
19%
Providing transportation
Chores (i.e. cleaning, ironing)
Help finding a job
Education / study support
Decorating
Choosing a car
Choosing a banking provider
Choosing clothes
Not all the support that 18-30 year olds receive from their parents and guardians is financial:
5
Recent figures from national money education charity, Credit Action2, revealed that outstanding personal debt stood at £1.424 trillion at the end of February 2013.
Our findings have shown that:
• Over half (60%) of 18-30 year olds are in debt of some sort – loans, credit cards etc
• However there is a very relaxed attitude to debt by this age group with the majority (77%) not feeling any stress because of their debt at all
• 25-30 year olds are the most financially pressured with debt (66%),
compared to 18-24 year olds (55%)
• Love and marriage equals increased additional borrowing with 68% of married people having debt in comparison to 56% of singles
• Nearly a third (31%) of young adults aged 18-24 do not feel financially independent and cannot support themselves without help from their relatives and friends
• Perhaps down to an acceptance that higher education may ultimately lead to debt, those with debt who are educated to degree standard are least worried about their borrowings (82%), however those who left education at 16 do have the highest levels of stress (46%) about the money they owe
• Those without any formal qualifications are less likely to be able to support themselves financially (30%)
Despite 16% of 18-30 year olds turning to their parents to bail them out of debt, many people in this age group are hiding their debt burdens from their nearest and dearest
Whilst 22% of young adults have talked to their parents about some of their debt, 7% have said nothing at all
The average amount of debt hidden by 18-30 year olds in the UK is £3,579
Young males (34%) feel less financially confident than young females (28%)
Full time workers aged 18-30 are more likely to have debt (66%) than those in part time employment (28%)
The average mortgage that an 18-30 year old has with The Co-operative Bank amounts to £126,623, with an average term of 27.5 years
Top 10 types of borrowing by 18-30 year olds
1. Student loans2. Credit cards
3. Personal loans
4. Overdrafts
5. Money borrowed from parents
6. Mortgage
7. Money borrowed from friends / wider family
8. Store cards
9. Payday loans
10. Loan shark debt
Top 5 debt hit regions for 18-30 year olds
Northern Ireland
72%
Wales
70%
North West
63%
West Midlands
63%London
56%
% 18-30 olds in debt
The average age of a first time buyer taking out a mortgage with The Co-operative Bank is 31
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Debt is the new norm for young adults
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The earnings gapObtaining a job in the UK at present is challenging due to a lack of opportunities and an increased number of people competing for vacancies. According to recent figures there are over 3 jobseekers per job vacancy across the UK3 at present, with a recent publication by the Office of National Statistics revealing that youth unemployment has increased with 979,000 16-24 year olds currently out of a job4.
The research has found that:
• Over a tenth (16%) of 18-30 year olds don’t feel that they have a job that matches their qualifications yet
• One in 20 (5%) are currently completing unpaid internships to gain work experience considered so essential for prospective employers, nowadays
• Over a third (39%) of 18-30 year olds found it easy to get their first job as an adult that matches their level of education, however nearly the same amount (35%) found it difficult
A recent study by the Education and Employers Taskforce5 indicated that teenagers have a very weak understanding about the pay they can expect to receive for different types of jobs.
This fact translates through to the 18-30 age group where the findings have revealed that:
• Over two fifths (41%) of 18-30 year olds earn less than they expected to in relation to their age and education level
• The difference between expected earnings and actual earnings is, on average, £7,187 gross
• Males had higher earnings expectations than females, with men earning, on average, £7,745 gross less than they thought they would in comparison to women who earn £6,619 gross less
• 25-30 year olds are the most frustrated about their perceived earnings deficit (46%) where they expected to be earning an average of £7,967 more at this point in their life. 18-24 year olds who expected to be earning more (35%) thought they would have an extra £5,782 in their pay packet
• Despite this, a tenth (9%) of 18-30 year olds claim to be earning more than they expected with those in the West Midlands (18%), East Midlands and Wales (12%) and the East of England (11%) being much better off than they thought they would be
% of 18-30 year olds who found it difficult to be a jobseeker by region Scotland
43%
North East
36%
North West
31%Yorkshire
35%
West Midlands
31%
Wales
37%
East England
30%
London
38%South East
38%South West
36%
Northern Ireland
25%
East Midlands
31%
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Is this a happy generation?A changing world is putting new challenges in place for today’s 18-30 year olds.
The economic downturn, technology advances and the rise of celebrity culture are bringing new stresses for the lost generation.
However, overall the majority of 18-30 year olds (60%) are satisfied with their lives. The highest levels of life satisfaction are in the North East, the East of England and the East Midlands.
Despite this, there is an underlying feeling of disappointment in this age group with 40% feeling stressed because they believe that they should have achieved more in their lives. Women are more greatly affected by this (44%) than men (35%).
The main causes of stress for this age group are outlined below:
38% Not enough m
oney to buy luxuries
33%
Wei
ght
32%
Lac
k of
Slee
p
40% Feeling that they should
have achieved m
ore in life
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31%
Cost
of Tr
avel
31%
Tryi
ng to
find a
job
28% Lack of Social Life
27% Trying to move up the career ladder
23% Not having enough money to
buy essentials i.e. food, bills
23% The pressure to look good
22% Renting and not being
able to buy a property
21% Lack of friends19
% B
alan
cing
wor
k/ho
me
life
19%
Hea
lth is
sues
14% Relationship issu
es
12% Over bearing
family members
12% The thought of
starting a family
16% Not bein
g able
to move
out of
parent
al hom
e
11% Trying to keep up with friends’ earning power
10% Social media - keeping up appearances
6% The threat of redundancy
2% Keeping up with celebrity culture
4% Not being able to sell their home
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31% L
ack of
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29% Low pay
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25% Feeling inadequate
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19% Trying to find a partner
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18%
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16%
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Main causes of stress for
18-30 year olds
8
The health and wellbeing of the 18-30 generation
Modern relationships
• On average 18-30 year olds have had 1.74 serious, monogamous relationships with those in the East Midlands having more relationships (2.07) than anywhere else in the UK. Those in the North East have the lowest national average with 1.44 serious relationships. 18-24 year olds have had an average of 1.43 relationships and 25-30 year olds, 2.05
• 20% of the 18-30 age group claim not to have ever had a serious relationship. Perhaps unsurprisingly more 18-24 year olds have not had a serious relationship (27%) in comparison to 25-30 year olds (12%)
• However, the average number of sexual partners that 18-30 year olds admit to having stands at seven partners with 18-24 year olds having an average of five partners and 25-30 year olds nine sexual partners
• The findings have revealed that young adults in the North West are the most promiscuous with an average of nine sexual partners each, whereas 18-30 year olds in Northern Ireland have had the smallest average number of sexual partners with three each
• 12% of 18-30 year olds have had between 10 and 20 sexual partners. With more 25-30 year olds admitting to this figure (15%) than 18-24 year olds (10%)
Is this a healthy generation?
• The majority of those surveyed – 78% - believe that they are healthy, both physically and mentally
• Men believe themselves healthier than women, with 81% feeling that they have good physical and mental health in comparison to 75% of females
• However, just under a fifth (19%) of young adults are stressed due to their own health issues, with 16% also worrying about their parents’ health
• A third (33%) are stressed about their weight
• 32% feel that a lack of sleep is making their lives more difficult
Top actions 18-30 year olds make to lead a healthier lifestyleDon’t smoke% who do this
MEN
WOMEN
55%
60%
57% % who do this average
Cook own meals% who do this
MEN
WOMEN
52%
61%
57% % who do this average
Keep hydrated% who do this
MEN
WOMEN
57%
56%
56% % who do this average
Keep in touch with family/friends% who do this
MEN
WOMEN
47%
58%
52% % who do this average
Exercise regularly% who do this
MEN
WOMEN
50%
47%
49% % who do this average
Maintain a healthy weight% who do this
MEN
WOMEN
42%
47%
44% % who do this average
Drink alcohol responsibly% who do this
MEN
WOMEN
39%
47%
43% % who do this average
Get enough sleep% who do this
MEN
WOMEN
38%
40%
39% % who do this average
Don’t eat excessively% who do this
MEN
WOMEN
36%
42%
39% % who do this average
Eat fruit and veg% who do this
MEN
WOMEN
57%
71%
64% % who do this average
Go to the dentist regularly% who do this
MEN
WOMEN
29%
43%
36% % who do this average
Talk through problems% who do this
MEN
WOMEN
24%
41%
33% % who do this average
% of 18-30 year olds who believe they are healthy
Scotland
78%
North East
79%
North West
82%
Yorkshire & Humber
74%
West Midlands
78%
Wales
74%East
England
71%
London
81%South East
80%South West
81%
Northern Ireland
63%
East Midlands
74%
18-30 year old shoppers at The Co-operative Food spent 21% less than other age groups on fruit and veg between 20 January and 2 March 2013
18-30 year old shoppers at The Co-operative Food spent 28% more than other age groups on ready meals between 20 January and 2 March 2013
18-30 year olds are twice as likely to shop at Co-operative Food stores after 6pm and five times as likely to shop after 10pm in comparison to other age groups
18-30 year old shoppers at The Co-operative Food spent 24% less than other age groups on alcohol between 20 January and 2 March 2013
9
10
How does The Co-operative help the 18-30 generation?
Inspiring Young People
It’s a challenging time to be a young person in the UK – the recession has hit young people harder than any other age group. So it’s now more important than ever to ensure that young people are empowered to become active citizens with opportunities to help shape the world they live in.
The Co-operative is committed to inspiring young people to change their world for the better and give them real hope for the future. Already our work has directly benefited 330,000 young people across the UK, but we’ve set our sights far higher – we want to bring about a cultural shift in the way they are viewed and treated in this country.
We aim to benefit one million individuals through our Inspiring Young People programme by 2014 through programmes such as Truth about Youth, Green Schools Revolution, The Co-operative StreetGames Young Volunteers, The British Youth Film Academy, Co-operative Trust Schools and Academies, Apprenticeships and, most recently, The Co-operative Young Member’s Board.
Co-operative Young Members Board
The Co-operative is recruiting 15 talented and committed young people, aged 16 to 25, from across the UK to a new national advisory board that will provide The Co-operative Group with young ideas and fresh innovation as well as have a say in how the organisation is run.
The Young Members’ Board is part of The Co-operative’s commitment to inspire young people and will provide them with real responsibilities and opportunities to gain new skills, knowledge and experience.
Apprenticeships
The Co-operative’s Apprenticeship Academy, the most diverse scheme of its kind in the UK - forms a major part of the Group’s drive to inspire young people and support their future life goals and ambitions.
Apprenticeship opportunities are available right across UK in all of the Co-operative Group’s businesses, including food, banking, funeralcare, pharmacy, farms and legal services as well as many corporate functions such as IT and HR.
All apprentices will work towards a nationally recognised qualification and will have access to the Group’s training and development programmes. Apprentices will also gain a range of transferable skills and professional competences, helping them to progress up the career ladder.
The Co-operative Young Driver Insurance
The Co-operative Insurance was the first mainstream insurer to launch an insurance product for young people which priced policies on how they drive.
Young Driver insurance works by installing a smart box in the driver’s (aged 18-24), car which analyses speed, cornering, braking, acceleration and the time of day the car is driven. It then scores people from one (low) to five (high) for each behaviour - if they score well, they will receive money back on their insurance.
As well as reducing the cost of insurance, The Young Driver scheme is also helping to improve road safety, as The Co-operative has already seen car crashes drop by a fifth among users. Around 30,000 young motorists are already signed up to the scheme.
The Co-operative Bank – Help for first time buyers
The Co-operative Bank offers first time buyer mortgages up to 90% LTV which has proven extremely helpful for many younger people taking their first steps onto the property ladder.
The Bank also allows parents and close family members to act as guarantors with mortgages up to 85% LTV available to customers taking this option.
Mortgages can also be obtained via the Share to Buy scheme where groups of friends, who are graduates and/or professionals, are able to jointly apply together.
The Bank is also working with local councils such as Camden Council to help homeowners in their region to combat high house prices and get onto the property ladder with a deposit of just 5% of the overall property value.
Conclusion
Martyn Wates, Deputy Group Chief Executive at The Co-operative Group “This report gives a unique insight into the thoughts and feelings of 18-30 year
olds in Britain today.
“This is a generation of ambitious young people who have high aspirations, yet find
themselves planning for their future in a challenging economic and sociological
environment.
“From earning expectations, where there is a disconnect between the amount
young people expect to earn to attitudes about debt, health and relationships the
most up to date picture of this generation has been collated, and many of the
findings smash the stereotypical views held about this generation.
“It should not be forgotten that it is these young adults who are ultimately going
to shape the future of Britain for years to come, and ultimately need support and
encouragement to thrive which, in turn, will only be positive for the future of the
country.
“The Co-operative advocates the empowerment of young people and has a plan
in place to inspire young people to change their world for the better and give them
real hope for the future. Indeed by 2014 we plan to benefit one million individuals
through our Inspiring Young People programme where, amongst a range of things,
we plan to recruit fifteen young people to a new national advisory board, the Co-
operative Young Members Board, to have a real say in how The Co-operative Group
is run.”
Donna Dawson, Psychologist “What happens to us as a child lays the groundwork for the adult that we become.
“Today’s generation of 18-to-30 year olds will have had an upbringing which
reflected the fears, desires and values of both their parents and the society around
them while growing up.
“For example, these children would have spent more physical time indoors, in order
that their parents could help keep them ‘safe’ – as a result, they feel able to ask
their parents for financial help as a way of continuing to feel ‘safe’.
“Their parents’ easier access to credit would have allowed ‘debt’ to appear more
normal than shameful, an attitude which has carried on into their own adulthood.
“And the rise of a celebrity-worshipping culture with emphasis on what can be
seen to be achieved, has given rise to this generation’s four biggest fears, which
are all centred on appearance, or on what can be accomplished or accumulated.”
Barry Tootell, Chief Executive at The Co-operative Banking Group “The findings show that for 18-30 year olds, debt is increasingly considered a
normal part of everyday life with 60% of young adults in debt of some sort.
“With the rising cost of education, getting a foot onto the property ladder and
everyday living expenses, debt has become the norm for this ambitious generation.
“However, young people no longer have to face up to debt alone. There is support in
place from parents, to friends, to charities and even to their banking providers, who
can help young adults manage their debt “
Steve Murrells, Chief Executive at The Co-operative Food “The report highlights some of the real challenges faced by today’s 18-30 year
olds in terms of diet and health, but cooking is enjoying a real resurgence at the
moment and younger adults are now developing their culinary skills more than
ever. Our research has revealed that 57% cook their own meals on a regular basis,
which will hopefully lead to a healthier future for them and their families.
“Having a meal in with friends, in these difficult economic times, can be a cost-
effective and enjoyable way for young people to socialise without breaking the
bank.”
John Nuttall, Managing Director at The Co-operative Pharmacy “Our findings show a big disconnect between this generation’s perception of their
own healthiness and what they actually do. Around four of five 18-30 year olds
believe they live a healthy life, yet, the majority admit to drinking excessively, not
maintaining a healthy weight, overeating and not exercising. These poor lifestyle
choices will serve to lay the foundations for future health related problems, such as
obesity and conditions like diabetes.”
11
All figures from research conducted by ICM on behalf of The Co-operative Group in March 2013, unless otherwise stated.
The research questioned 1500 British adults aged 18-30 (50:50 male:female). 1 Netmums research published March 2013
2 UK Debt Statistics from Credit Action – UK Personal Debt, published April 2013 http://www.creditaction.org.uk/helpful-resources/debt-statistics.html
3 3.22 jobseekers per vacancy in the UK according to Adzuna UK Employment Market Report published February 2013
4 ONS Labour Market Statistics, March 2013, for December to February 2012
5 Education and Employers Taskforce report 2013 as sourced from http://www.bbc.co.uk/news/education-21762564
For more information please contact:
Catherine Turner, PR Business Lead, The Co-operative GroupEmail: [email protected]: 07834 090 783
Dave Smith, PR Manager, The Co-operative GroupEmail: [email protected]: 07702 152 771
Jenna Moss, Senior Press Officer, The Co-operative GroupEmail: [email protected]: 07595 567 465
Jennifer Long, Press Officer, The Co-operative GroupEmail: [email protected]: 07714 062 036
Craig Brownsell, Senior Press Officer, The Co-operative GroupEmail: [email protected]: 07843 648 467
Eve Deasy, Senior Press Officer, The Co-operative GroupEmail: [email protected]: 07894 788 053
Lauren Hoult, Press Officer, The Co-operative GroupEmail: [email protected]: 07702 505 626
Twitter: @thecooperative @coopbankpr
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The Co-operative Group is the UK’s largest mutual business, owned not by private shareholders but by over seven million consumers. It is the UK’s fifth
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