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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

  • ClawV23

    So they’re more or less becoming homeless on purpose and taking advantage of people’s kindness? That’s very disappointing, I’ve always imagined myself walking on the path of the monk but my idea of a modern monk was to achieve a level of independence at which I can grow my own food on a piece of land I own, make my own hemp clothes and live in a small log cabin somewhere outside civilization instead of begging people for a bowl of food.