According to The Guardian, young people are struggling in today’s tough economy, as expensive housing and the rise in government debt is affecting their lifestyles.
The Intergenerational Foundation (IF), a UK charity, has created the intergenerational fairness index, which compared the financial burden for young people to older workers, and found that it rose 133 points in 2014 in comparison to 130 in 2013.
In addition, the IF reported that under-25 year olds are enduring sluggish employment levels, as well as low house-building levels. A fall in GCSE pass rates also doesn’t look like a promising sign for young people, as poor qualifications could affect a young person’s earning potential.
Angus Hanton, the co-founder of IF and the joint author of the Intergenerational index, commented: “Like overpacked horses, our young people are becoming increasingly burdened by other generations’ debts, while loaded down with debts other generations have never had to pay, such as £9,000-a-year student tuition fees and record housing costs. When will the government realise there’s nothing left to take from the young?”
The burden of government debt seemingly shows no signs of going away anytime soon, either, as Mr Hanton stated that the index has revealed that the record total for public debt is £1,254 billion – which is the equivalent to £42,000 for each working UK citizen.
Laurence Kotlikoff, an economics professor at Boston University, stated that: “Like an adult report card, the Intergenerational Foundation’s vitally important intergenerational index makes it clear that the UK is failing its young”.