LOS ANGELES: A report reveals that young peoples falling long-term economic prospects are not down to older people in society hoarding all the wealth, and will not be improved by cutting pensioner benefits to fund more public spending on young people.
The new report finds that young peoples deteriorating prospects are due to a toxic combination of increased university tuition fees, unemployment, poorer job opportunities, lower pay and rapid house price inflation.
The dismal outlook for many young people is often contrasted with apparently high levels of wealth amongst older people. However, the report finds that pensioners do not comprise the majority of the wealthiest households.
The report finds that while six per cent of those aged 75-84 are in the wealthiest decile, six per cent of this age group are also in the very poorest decile…