The Briefing Room Are the old robbing the young?
Dec 4, 2025
Join Sophie Hale, a Principal Economist at the Resolution Foundation, along with Professor Bobby Duffy from King’s College London, Senior Research Economist Xiaowei Xu, and Professor Jane Falkingham from the University of Southampton. They dive into the generational divide, revealing how baby boomers benefited from post-war assets while Gen X and millennials grapple with stagnant wages and housing crises. The guests also discuss public perceptions of intergenerational inequality, wealth concentration, and propose solutions like housing reforms and 'citizen's inheritances' to bridge the gap.
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Wealth Concentration Fractures Generations
- Wealth gains are concentrated within the boomer cohort, creating large within-generation divides.
- Inheritances and parental help fracture younger generations into haves and have-nots.
Cohort Incomes Rose Then Stalled; Pensions Rose More
- Median disposable incomes for today's young are higher than boomers' at the same age, but cohort progress has stalled since the 1980s.
- Later-life income growth for older cohorts means pensioners now often have higher living standards than working-age families.
Tax System Favors Labour Over Wealth
- The UK taxes labour income more heavily than wealth and returns from assets.
- Older people benefit from untaxed pension and asset income while wealth taxes remain a small share of revenue.