Sunday, March 25, 2012
Living standards plummet for the young
For the first time in 50 years, young Britons embarking on their careers cannot expect to be any better off than their parents while those approaching retirement have never had it so good. Real disposable household incomes of people in their 20s have stagnated over the past 10 years just as older households are capturing a much greater share of the nationâ€™s income and wealth. Median living standards of people in their 20s have now slipped below those of people in their 60s, 70s and 80s. "You canâ€™t honestly say to younger people any longer, youâ€™ll do better than your father or motherâ€™s generation," Alistair Darling, Labourâ€™s former chancellor, said. "This trend has been developing over a number of years and politics as a whole has been lagging behind and has not focused on it."