Plus: what the parties have in store for taxes, pensions and investments
| Wednesday, November 6, 2019 |
|
|
Telegraph Money | | The week's most important personal finance news, analysis and expert advice, from pensions and property to investment ideas and savings tips. |
|
| Tensions are running high in families across the country ahead of the general election.
Since the Brexit vote, the political divide between generations has arguably never been greater. Older people were more likely to vote for Brexit while younger generations typically voted for remain.
And it’s not a surprise that Jeremy Corbyn attracts younger generations while the likelihood of voting for the Tories increases when people hit their Forties.
But Lord David Willetts, head of the Resolution Foundation – a think-tank – argues there is a 160,000 reason for why younger generations will vote for Labour in the December 12 election.
This is the amount he predicts young millennials are set to lose out on in healthcare, welfare and education compared to their parents and grandparents.
Baby boomers born in the mid-Fifties will enjoy a "welfare dividend" of 291,000 over the course of their lives – paying on average 945,000 in tax in return for 1.231m of public services from the state.
In comparison, the youngest millennials, those born in 1996, will benefit by just 132,000, he says. They are set to pay 962,000 in tax over their lifetimes yet receive only 1.095m in state benefits.
And yet, in Telegraph Money’s analysis of which generation has had it best when it comes to property, savings, investments and pensions, Generation Z, those born after 1997 came out top overall, closely followed by baby boomers. We found millennials and Generation X have had it the worst.
Find out more and get money tips and advice on the Telegraph website, where you can subscribe for just 2 a week. It's free for 30 days. Try it here. |
|
| |
| The final Moral Money podcast |
|
In the last episode, our front-page cartoonist Matt discusses if it's wrong to fly business class and put your kids in economy, and if you should charge your daughter rent for living at home during university. Listen here, or on Apple Podcasts, Google, or Spotify.
|
|
|
|
Katie Morley investigates |
|
You have the last word... |
|
| Graham Merritt says of ‘The 160,000 reason why your children will vote Labour in the general election’: “For the last 30 or 40 years the first world (fundamentally Europe including UK) has delivered declining productivity growth and growing debt burdens. That is the price of over regulation, have now – pay later, and high social benefits. The effect on "intergenerational fairness" is one of the outcomes. The solution – improved education, economic efficiency and thus GDP growth that might stand a chance of paying for the benefits we want.”
Alan Davies says of ‘Shunning a smart meter? Then expect higher bills, warns energy minister’: “I don't need a meter to advise me of my energy usage. I read and submit my meter readings to my supplier at the end of each month. I am up-to-date and they are as well. Once the readings are inputted, I get an updated bill immediately and other stats about usage. What is the problem?”
David Naviman says of ‘I gave Uber driver one-star rating – then he got revenge with 105 cleaning fee’: “On each of the last three trips I took in London, the driver failed to deliver me to the correct destination, and on one occasion became quite aggressive when I pointed out that where we’d stopped was not where I asked to go. They are so wedded to their technology and have no idea where even famous London landmarks are, and simply disengage their brains. The app has long since been deleted and I will never use Uber again.”
|
|
| |
| Contact us: to pose a question to our team of expert reporters, email moneyexpert@telegraph.co.uk. If you'd like a free financial plan, email money@telegraph.co.uk with the subject 'Give me a Money Makeover'.
Join our new investment-focused Facebook group to debate the latest share tips and investing trends. |
|
| | Telegraph Money Not subscribed to this newsletter yet? Sign up now. |
| | See more Telegraph newsletters Investor | Property | Business | Front Bench | | You have received this email because you have agreed to receive marketing messages by email from Telegraph Media Group Limited or its group companies or you may have signed up to receive this newsletter. Please do not reply to this email. Terms and conditions apply to all offers, prices and competitions that may be shown in this email. For full details please click on the advertised offer. The Telegraph reserves the right to withdraw these offers without notice. To unsubscribe from this newsletter, visit your account here, and update your preferences. If you have forgotten your password, you can reset it by visiting the account login page. In accordance with the 2018 Data Protection Act, Telegraph Media Group Limited and its group companies are committed to protecting your privacy. If you wish to know more please access our privacy policy. This email is from Telegraph Media Group Limited or its group companies - 111 Buckingham Palace Road, London SW1W 0DT. Registered in England under No 451593. |
|
