Summary
The report of Institute for Fiscal Studies tell us that today’s thirty-something people are half as wealthy as the same age people ten years ago. In particular, the average wealth of people born in 1970s is ￡53,000, but people born in 1980s have a wealth of ￡27,000 averagely. According the think tank, people born in 1980s were the first post war generation and didn’t get higher incomes in early adulthood than people born in 1970s. So, people born in 1980s have missed out on house price increases and better pensions. One of the causes of this situation is a great recession in this article.
My opinion
I feel it is very important news for all young people including me, because all future generations maybe have lower incomes than the preceding generations. It means that our generation is poorer than 1980’s generation. This article says the problem of UK society, but it is Japanese problem also. Japan has the long recession called “lost 20 years” and Japanese elderly people have a lot of property against Japanese younger people. A part of young people can’t buy a house and get married because they have small incomes. We should solve the problem that is poverty of young generations as soon as possible.