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A think tank thinks we should give every millennial £10k to tackle the ‘generational divide’

Hard to argue with free cash

The think tank The Resolution Foundation wants to help young people out a bit by giving a 'citizens inheritance' – an automatic £10k when you turn 25 – funded by a change to inheritance tax.

What it means: According to the Resolution Foundation, the 'intergenerational contract' – an unspoken deal which sees the young looking after the old (either by just looking after your granny, or by contributing to health and social care for the elderly through taxes) and the old making sure the younger generation has a better lifestyle than the one before – has "broken down".

The population is getting older, which means working age people are supporting more pensioners, for longer. On top of that, it's getting harder for young people to do things like buy a house, start a business, or go back into education. The Resolution Foundation thinks the payment will help solve that.

According to the Resolution Foundation, 'inherited wealth' – money or assets passed on to you personally by older generations – will have an ever-increasing importance, which could create more inequality in the millennial generation. Giving everyone a 'citizen's inheritance' could even that out a bit.

Plus, it says, it might help us chill out about the fact 'baby boomers' –  the name for the generation of people born in the decades after the second world war – had things 'much easier' than us, which could help solve intergenerational resentment.


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Reader Comments

  • RW

    Your right to a degree. You mentioned “the wandering Jew”.

    I elaborate that the Jewish people, historically have tended to migrate almost exclusively to locations that are economically and culturally vibrant already. I would speculate that Jews have thrived in these places and have often improved the bounds of their economies and knowledge base.

    You can also ask; how many massive entertainment conglomerates, Nobel winners or billionaires has Isreal developed? If Jews are so capable, why isn’t Tel Aviv the Rome of our time?

    Jews are successful because they value education, maintain a strong social cohesive, they actively monitor and have a good sense for Zeitgeist wherever they are and they carefully choose the places they settle and congregate themselves heavily in these choice locations.

    But most importantly (haulocaust increased the importance of this aspect), they actually designed their culture for success. They not only attend Harvard, they use what they learned to better the group as a whole. With as much, they studied intricate networking systems, adapted to it and in many cases improved upon them. (See how Japan acquired Aegis warships and made them better).

    Of course there is nothing wrong with any of this. It’s when you elaborately gain disproportionate power in any society where you would stand out, you must take care when attempting to make a society better (Civil Rights movement) and rewriting that society all together (mass immigration). Ask blacks in China, Mexico, Philippines or India how much opportunity they have? Go to businesses owned by their American diaspora and see how many blacks they hire. Go to Silicon Valley and see how many East or South Asian tech workers wish they could work with more black people. California might work as a state, but as a nation, I think your rolling the nuclear dice here. I hope we can succeed as a tolerant pluralistic superpower but at this stage in human societal development, it’s a pipe dream.

    And if Jews really are the icon for success, they would see that fundamental human successes happen over generations. Just look at the rest of the planet? Are we ready?