Millennials should be given £10,000 at 25 to tackle inequality

Every 25-year-old in Britain should be given £10,000 so as to tackle inequality between millennials and baby boomers, an influential think tank has said.

As per the latest study, millennials, those born between 1981 and 2000, had only half a chance of owning a home by the age of 30 as had been the baby boomer generation — those born between 1946 and 1965. Young people today do not have the same prospects of previous generations, the study revealed.

The Resolution Foundation’s Intergenerational Commission made the recommendation to give millennials £10,000 following a two-year research on young Briton’s living standards and the elderly’s concerns about health and social care.

“Many people no longer believe that Britain is delivering on its obligations to young and old,” David Willetts, executive chair of the Resolution Foundation, was quoted as saying by Metro.

“But our Commission shows how Britain can rise to this challenge. From an NHS levy to put healthcare on a firmer financial footing, to building more homes and a Citizen’s Inheritance to boost young people’s career and housing aspirations, our report shows how a new contract between generations can build a better and more unified Britain,” said Willetts.

The fund for this would be raised through an overhaul of the inheritance tax system, the report said.

The money could only be used for housing, education, starting a business or going towards a pension.