Young millennials being short-changed by the state – Cat Smith responds
Cat Smith MP, Labour’s Shadow Youth Affairs Minister, responding to warnings that young millennials are being short-changed by the state, said:
“These damning facts confirm that generational progress has ground to a halt under the Tories.
“A decade of austerity has made life much harder for young people, who are denied the opportunities enjoyed by their parents’ generation.
“Labour will stand up for young people and transform our country so that everyone can fulfil their potential.”
Notes to Editors:
- The Resolution Foundation has published an update today (Tuesday) to ‘The Pinch’. First released in the run-up to the 2010 General Election, the Pinch warns that young millennials are on course to pay more and receive less from the UK’s education, health and benefit systems than any other post-war generation.
- The update notes that the biggest beneficiaries of a so-called ‘welfare dividend’ are baby boomers born in the mid-1950s – paying an average of £945,000 in tax and receiving £1.2m worth of public services from the welfare state in return to achieve a welfare dividend of £291,000. In contrast, young millennials born in 1996 are estimate to receive a welfare dividend of just £132,000. The update identifies two catalysts for the gap between baby boomers and millennials: fewer millennial taxpayers funding public services enjoyed by a larger baby boomer cohort, and reduced benefit support for millennials compared to baby boomers.