Intergenerational wealth inequality has increased – but how?
The Resolution Foundation’s analysis of the Office of National Statistics’ Wealth and Assets Survey tells a story of wealth accumulating slower for youngsters and piling up for those over 60. It confirms the complaints of millennials that they are being short-changed by society and by their parents.
So what?
What happens when , after many generations succeeding their parents in terms of financial fulfillment, a generation lags? What if this younger generation is born onto a burning planet diseased by pandemics and lacking any coherent sense of purpose, rejects its lot and seeks to reverse matters?
Meaningful protest from people under 20
What can they do?
Let’s face it, millennials are not showing much aptitude for grasping the levers of power. We are not seeing the under forties, let alone the under thirties challenging for power in politics, finance or in religion. They are only influencing to each other, their social media profiles hardly touch older generations. They pose no threat to the current order.
Why are young people so powerless?
Prince Charles may not succeed to the throne till he is in his eighties. We are used to having prime ministers and leaders of opposition in their fifties and sixties. Our CEOs get there as the culmination of their careers. The House of Lords is a retirement club , our bishops and other heads of religion are expected to be over 50.
There is no mechanism for opportunities for the under 50s to arise. We think Liz Truss young, but she is 46 years old, she will be 47 later this month
- Alexander the Great conquered countries at 18.
- Augustus Caesar (Octavian) became a Roman Senator at 20.
- Joan of Arc turned a war around at 17.
It is hard for us to comprehend a society that might allow Greta Thunberg not just speaking on a platform, but owning the platform as a leader of a movement.
And yet Thunberg was 19 in January.
Why are Wealth and power consigned to later age?
I have observed society’s disapproval of young people getting rich and/or powerful quick.
Look at the way musicians such as Kanye West and George the Poet are treated when aspiring to political office. There is neither opportunity or mechanism for aspiring youngsters to gain admission to our political process. Though they may possess wealth, artists from Kendrick Lamar to Noel Gallagher are tokenised by politicians rather than included in the political process.
Our brightest kids have to go through school, college and then take professional qualifications before they are taken seriously. Parliament is not representing or represented by people under 30. Nadia Whittome MP, who was 23 when first elected is known as “the baby of the house”. I can’t think of many other minorities who would have to put up with such a diminishing epithet.
The fact is that we do not think people “come of age” until they are in their forties and we are letting young talent , energy and vision lie slack. Meanwhile power and wealth stack up at the back end of careers – where it serves no social purpose.
Releasing talent, recycling wealth and restoring young people to positions of power they held in previous centuries is part of building this country back better.
