Mr Low Rate

The very first time in 50 years, young Britons embarking on their careers cannot expect to be much better off than their parents while those approaching retirement have never had it so good.

The stark generational rift emerging in the uk is highlighted by a Financial Times analysis showing that the real disposable household incomes of people in their 20s have stagnated in the last 10 years just like older households are capturing a much greater share from the nation’s income and wealth.

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Regardless of this financial squeeze around the young, George Osborne, the chancellor, who presents his third budget on Wednesday, will continue to shelter older people from his austerity measures regardless of their income.

“You can’t honestly tell younger people any more, you’ll do better than your father or mother’s generation,” Alistair Darling, Labour’s former chancellor, said. “This trend has long been developing more than a number of years and politics in general continues to be lagging behind and has not centered on it.”

The FT analysis of 50 years of official data also demonstrates the living standards of Britons into their 20s have been overtaken by the ones from their 60-something grandparents the very first time, with all the household incomes of pensioners in their 70s as well as 80s also making up ground rapidly.

The data, which underpins government publications on living standards, takes no account of housing costs or wealth. Had it done this the final results might have been much more dramatic, showing median living standards of individuals inside their 20s have finally slipped below those of people in their 70s and 80s.

Ashley Seager, co-founder of the Intergenerational Foundation, a charity which seeks to promote fairness among generations, said: “These figures demonstrate that generational imbalances have become so serious they risk alienating the younger generation. The chancellor must make use of the budget to address this intergenerational unfairness.”

The elderly happen to be shielded from the coalition’s rises in national insurance contributions, student tuition fees, child benefit and tax credit cuts. They also have benefited from a more generous uprating of pensions with no cuts to winter fuel allowances, free TV licences or bus passes.

Carl Emmerson, deputy director of the Institute for Fiscal Studies, said: “The government has created working-age benefits less generous and pension-age benefits more generous which gap will grow over time.”

With younger people struggling to match the living standards of their parents, Paul Gregg, a professor at the University of Bath, forecast an increasing reliance upon a “family welfare” model where the younger generation was determined by support from parents and grandparents. This would make British society more akin to southern Countries in Europe for example Spain or Greece, with comparatively low social mobility.

John Hills, professor of social policy in the London School of Economics, said: “The thing to pay attention to isn’t so much the generational conflict itself, just because a large amount of the wealth of the prior generation is going to be handed down, or is being passed down… it’s the people who are locked away from that in both generations. It’s clearly harder as a teenager if you don’t have that kind of family support.”

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