The think tank The Resolution Foundation wants to help young people out a bit by giving a 'citizens inheritance' – an automatic £10k when you turn 25 – funded by a change to inheritance tax.
What it means: According to the Resolution Foundation, the 'intergenerational contract' – an unspoken deal which sees the young looking after the old (either by just looking after your granny, or by contributing to health and social care for the elderly through taxes) and the old making sure the younger generation has a better lifestyle than the one before – has "broken down".
The population is getting older, which means working age people are supporting more pensioners, for longer. On top of that, it's getting harder for young people to do things like buy a house, start a business, or go back into education. The Resolution Foundation thinks the payment will help solve that.
According to the Resolution Foundation, 'inherited wealth' – money or assets passed on to you personally by older generations – will have an ever-increasing importance, which could create more inequality in the millennial generation. Giving everyone a 'citizen's inheritance' could even that out a bit.
Plus, it says, it might help us chill out about the fact 'baby boomers' – the name for the generation of people born in the decades after the second world war – had things 'much easier' than us, which could help solve intergenerational resentment.
