| Tensions are running high in families across the country ahead of the general election.
Since the Brexit vote, the political divide between generations has arguably never been greater. Older people were more likely to vote for Brexit while younger generations typically voted for remain.
And it’s not a surprise that Jeremy Corbyn attracts younger generations while the likelihood of voting for the Tories increases when people hit their Forties.
But Lord David Willetts, head of the Resolution Foundation – a think-tank – argues there is a 160,000 reason for why younger generations will vote for Labour in the December 12 election.
This is the amount he predicts young millennials are set to lose out on in healthcare, welfare and education compared to their parents and grandparents.
Baby boomers born in the mid-Fifties will enjoy a "welfare dividend" of 291,000 over the course of their lives – paying on average 945,000 in tax in return for 1.231m of public services from the state.
In comparison, the youngest millennials, those born in 1996, will benefit by just 132,000, he says. They are set to pay 962,000 in tax over their lifetimes yet receive only 1.095m in state benefits.
And yet, in Telegraph Money’s analysis of which generation has had it best when it comes to property, savings, investments and pensions, Generation Z, those born after 1997 came out top overall, closely followed by baby boomers. We found millennials and Generation X have had it the worst.
Find out more and get money tips and advice on the Telegraph website, where you can subscribe for just 2 a week. It's free for 30 days. Try it here. |
