7 May 2020
The reports predicts millennials will be the first ever group to face a ‘generational pay penalty’ by earning less than their predecessors over the course of their working lives.
The publication has been issued to co-incide with the launch of the Resolution Foundation’s Intergenerational Commission, of which the Centre For Ageing Better’s Chairman, Lord Filkin, is a member. The Commission aims to explore the questions of intergenerational fairness. In order to improve understanding of these issues, the Foundation has brought together leaders from business, academia and policy-making to consider reinforcing the social contract between generations.
Geoff Filkin CBE, Chair of the Centre for Ageing Better, said:
We need a strong social contract between generations as well as tax and welfare policies that are fair across all ages. The older generations are not ‘to blame’ for the conditions created by the wider economic context of the last 50 years, and we must acknowledge that there are large income inequalities within generations as well as between them – for example there are nearly 1 million over 75s living in poverty today. The Commission’s job is to look at intergenerational fairness in a balanced way. The Centre for Ageing Better will bring our expertise, our insights into later life and our unique focus on ageing across the life course to this debate. We hope that the Commission will be guided by evidence and data, as well as the views of people of all ages.