A group of thinkers have had a good think about the problems faced by the generation of citizens known as millennials, and the prognosis isn't good. They've come to the conclusion that one third of all young-ish people bracketed as millennials will never be able to afford or buy their own home, and will be renting in to their retirements.
That's what the Resolution Foundation thinks anyway, with the group also warning that as many as half of the current 20 to 35-year-old demographic may still be renting when they reach the impossibly far away sounding age of 40. This is yet another societal time bomb, they say, as when the renting millennials hit retirement age they all suddenly become eligible for housing benefit if their earnings are low enough, which could add billions to the government's welfare bill. Hence we're all doomed etc.
We need to build more affordable homes is the answer, along with rent caps in the private sector so no one is hit with a ten per cent rise every six months, and for England and Wales to follow Scotland's lead in replacing short tenancies with longer, more assured versions. [Resolution Foundation via Guardian]