Study: Young Brits will be poorer than parents
A new study says today’s young people in the UK will be poorer than their parent’s generation.
The study conducted by the Institute for Fiscal Studies (IFS) noted that based on the rate in which wealth grew between 2006-08 and 2010-12, today's generation of Britons will be poorer than their parents’ generation.
The UK suffers from huge levels of wealth inequality, with 9 percent of households having no assets at all while 5 percent are worth more than £1.2 million, the study also showed.
Those on the lowest incomes, the poorest 1 percent, have negative net wealth of £16,000, meaning their debts are higher than any assets they own.
Meanwhile the richest Britons, constituting the top 1 percent, have assets worth over £2.4 million, it found adding seven out of 10 households own their home outright or had secured them with a mortgage, while three out of 10 live in rented property.
It also showed that the current generation of young people between the ages of 18-30 is more financially insecure than the previous generation, prompting questions over how the government can address rising levels of inequality.
“Even with … increases in average wealth, working-age households are at risk of being less wealthy at each age than those born a decade earlier,” said David Innes, the IFS economist who was the author of the report.
In October, the Equality and Human Rights Commission (EHRC) published a report titled, “Is Britain Fairer?” which concluded that the wealth gap between young people and previous generations is widening.
“Today, earning a living is becoming difficult for more British people and there are certain social groups like students and minorities who are suffering more,” Director of Human Development at Facilitate Global , Clive Hambidge Press TV’s UK Desk.
He also noted that the UK society is becoming angry day by day with the anti-austerity measures of the government and it seems that the government is determined to go ahead with its program despite its negative social consequences.
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