Would a £10k Millennial Early Pension Make You Happy?

By Gary Cutlack on at

The problem of all the old people having the nice houses with windows in the bathroom and gardens and spare cash in all the bedroom drawers could be solved, they say, by handing young people a lump-sum of £10,000 when they turn 25. This millennial financial boost would come from increasing taxes on the pensions of people who bought houses in in the 1970s and have therefore accidentally become super-rich through simply staying alive while watching ITV.

This millennial pension is the idea of the Resolution Foundation, a think-tank that says is would tilt the balance between generations some way back to a healthy level, as long as these ungrateful kids don't go out and buy nine high-end new telephones and a coffee machine that requires feeding with endless consumables with the money.

They call it a "Citizen’s Inheritance," a payment that would help those not in line for a natural inheritance to perhaps get a little nearer the first rung of the property ladder, offsetting stagnant wage growth and arresting the cliff-fall drop in home ownership among the young.

Of course, this is only an idea some people who aren't anywhere near government have had and done a blog about, so don't go scouring Autotrader for £9,999 bargains just yet. [Resolution Foundation via Standard]