Tuesday 24 February 2015

"No country for young people - UK generation gap widens"

From today's FT:

Britain’s young adults, who for much of the 20th century enjoyed living standards well above average, have been displaced by the rise of the comfortably-off pensioner in the most dramatic generational change in decades.

Average twenty somethings have seen their living standards slip from a position of comparative affluence to well below par over the past 35 years as average pensioners have enjoyed a rapid rise up the national league tables of incomes, according to Financial Times research...

A major reason for the shift is the rise in house prices in recent decades. Many older people bought cheap and have locked in sizeable gains, although, with people living longer, some are now facing the prospect of having to sell those homes to pay for expensive care.

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