A political think tank has issued a warning that young people are losing faith in the government and politicians as they grapple with the cost of purchasing a home or starting a family, while observing their taxes being used to fund policies that benefit the elderly more than the young.
Have your say! Does the UK put too much of its time and money into older generations, at the expense of the young? Comment below, and join in on the conversation.
Onward, a political organisation that identifies itself as the “foremost centre-right think tank” and advocates for “pragmatic, evidence-led compassionate conservatism”, claims that the UK’s policy efforts have become “dangerously skewed towards older age groups”, according to the Express.
The group is headed by former Conservative Communities Secretary Sir Simon Clarke, who states: “Our social contract is broken. Young people face a terrible deal with sky high housing and childcare costs wrecking their ability to find a home and start a family.
“This affects all of us. It’s not just about fairness, it is about how we are going to pay for public services and state pensions in the future. If we become a society without enough children, the state becomes a kind of giant Ponzi scheme.”
The report underscores the difficulties faced by British young people, even those in full-time employment, in buying a home, starting a family or beginning to save for retirement. Average deposits for a first home were £18,167 in real terms in 2020 but have now risen to over £61,000.
Approximately one in five individuals aged 20 to 34 resided with their parents in 2020; this figure has now exceeded one in four. As the challenge of starting a family intensifies, coupled with decreasing birth rates and the shrinking percentage of the workforce population, Onward asserts that governments have endeavoured to compensate through increased taxes or reliance on immigration to fill gaps – an approach Onward deems unsustainable.
Phoebe Arslanagić-Little, a researcher, has commented: “Our social contract is under severe strain with today’s young people working to fund state services and entitlements they themselves may never benefit from.
“A country that works only for retired people is not one that can work for long, and we need policies that address our demographic problems and build consensus for a new system that will serve our grandchildren and great grandchildren well.”
Have your say! Does the UK put too much of its time and money into older generations, at the expense of the young? Comment below, and join in on the conversation.
