Improving the stock of affordable housing and giving savings tax breaks are two key ways to alleviate old age poverty, a think-tank has said.
In its report called Maggie’s Children, the Policy Exchange looked at how people born between 1980 and 1995 would fair in 50 years’ time.
Student debt and high house prices will impair the financial fortunes of this “unlucky” generation, the report said.
It added “Maggie’s Children” would be poorer than their parents.
“Without greater flexibility, many of them will reach later life with fewer financial and social assets than their predecessors,” said Roger Gough, research director of the Policy Exchange.
“What is needed is a major adjustment of policy – in housing, pensions, savings and education – to keep up with economic and demographic change.”
Harsh future for ‘Maggie’s kids’