According to think-tank the Intergenerational Foundation, younger generations are becoming increasingly resentful of older people. They believe it’s unfair that older generations hold a disproportionate amount of the nation’s wealth while they battle with student debt, getting on the property ladder and insecure employment.
Younger people may begrudge their elders for ‘intergenerational unfairness’6, but older people actually share their concerns. Many parents and grandparents do their best to assist their younger relatives but are often hampered by the need to save for retirement and/or future care home fees.
Education and property major issues
The disparity between older and younger generations stems in part from the increasing importance of higher education.
With UCAS figures showing that around 40% of 18-year-olds are now applying for university7, many more young people are paying off student loans into their 30s, 40s and beyond, as well as entering full-time employment later in life.
This has had a knock-on effect on their ability to purchase a property – indeed, Ministry of Housing, Communities and Local Government data reveals that the average first-time buyer is now 338, an age which has risen by two years in just a decade.
Saving for the future
Although older generations have almost as many financial commitments nowadays as their younger counterparts, there are ways to help out. If you’re looking for assistance with intergenerational rebalancing, we can help; starting the conversation is the first step.
6Intergenerational Foundation, 2019
7UCAS, 2019 8Ministry of Housing, Communities and Local Government, 2019
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