Pension News Thinktank Calls For ‘generational balance’

Written by Editorial Team

06 November 2007

The government ought to do more to redress the balance between generations, according to a member of an independent thinktank.

Andrew Haldenby, director of Reform, told ITV’s The Sunday Edition that younger people – dubbed the iPod generation – are currently paying for the comfortable life enjoyed by older generations.

The expert made his point following the publication of a report by Reform which claimed that it is presently a “terrible time to be 25 in the UK” but a “great time” to be 55.

“If you are 25 you can’t get on the housing ladder, you’re paying hugely increased taxes for these services that you don’t use, you’re paying for your own university, pensions and healthcare,” Mr Haldenby told the programme.

The government’s policy of spending on health and pensions is “enjoyed” by older generations, but “paid for by the young”, he argued.

Matt Ward, principal consultant for pensions and wealth management at Defaqto, recently warned that many people are “sleep-walking into retirement”.

Mr Ward urged people to begin thinking about their retirement plans as early as possible to give themselves a certain “degree of comfort”.

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