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Millennials will be poorer than their parents – Institute for Fiscal Studies

Nigel Roddis

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Nov. 19 2015

The report shows the current generation of young people between the ages of 18-30 are more financially insecure than the previous generation, prompting questions over how the government can address rising levels of inequality.

“Even with … increases in average wealth, working-age households are at risk of being less wealthy at each age than those born a decade earlier,” said David Innes, the IFS economist who was the author of the report.

The IFS research follows numerous reports that present a bleak future for Britain’s current crop of young people.

In October, the Equality and Human Rights Commission (EHRC) published a report titled, “Is Britain Fairer?” which concluded that the wealth gap between young people and previous generations is widening.

“[In terms of] employment rates, housing and pay, we found that young people were significantly disadvantaged relative to older people — and the trend is widening,” said Laura Carstensen, an EHRC commissioner.

The IFS said the Gini coefficient of Britain is 0.65, with 0 equating to total equality and 1.0 meaning the total wealth of a country is in the hands of one person. The Gini coefficient measure for income stands at 0.4.

The study examined trends in wealth between 2006-08 – the end of the boom – and 2010-12, which correlated to a time when the country was stuck in a deep recession, with weak recovery leading to a house-price slump.

 

https://www.rt.com/uk/322735-inequality-millennials-poorer-parents/