The analysis shows that people born since 1931 are set to receive a ‘welfare dividend’ over the course of their lives by receiving more support from the welfare state, on average, than they have paid in taxes.
However, the size of this dividend depends on when people were born.
Young people have been short-changed by a lack of decent pay growth, a lack of decent, affordable homes, and a state that expects them to pay more in order to receive less.
He added that Boomers’ consumption of health and pensioner benefits will escalate over the coming decade.
Furthermore, he added said that younger generations have been hit by reduced benefit support compared to older generations.
Lord Willetts added: “Britain’s generational divides are affecting our living standards, and how we vote.
Our political parties should use the upcoming election to start healing these divides with a policy programme that appeals to and benefits young and old alike. »