Questions of fairness between the generations are currently high on the agenda, and for good reason. Today’s younger generations are finding it more difficult to get on the housing ladder, experience slower pay progression and much lower levels of pension saving in their jobs, and can expect less from the welfare state when they fall on hard times. But these problems extend beyond the here-and-now: the risk is that many young people today fail to build up the assets their predecessors did as they age, meaning lower living standards in retirement for these individuals and a greater burden on the state to support them.
It is for this reason that the Resolution Foundation has convened the Intergenerational Commission, made up of leading experts from the worlds of work, academia and public policy. Launched in July, the Commission’s aim is to set out changes that will renew the social contract between the generations, ensuring that younger generations benefit from a growing economy in the same way as previous ones have.
Before turning to solutions, the first task is to ensure that this Commission has as broad and robust an understanding as possible of the questions at hand. Forthcoming analysis to be submitted to the Commission will cover themes including pay progression, home ownership, pensions adequacy, welfare and taxation, transfers within families, and the provision and financing of social care. But we recognise that there may be particular aspects of these topics – or other topics entirely – that we haven’t thought of and that ought to be considered.
As such, we are today opening the first of two calls for evidence to be submitted to the Intergenerational Commission. We want to hear from as broad a range of organisations and individuals as possible, to bolster the Commission’s understanding of the living standards experienced by each generation – in the past, now, and as they are likely to evolve in the future.
We hope you will submit evidence to support the Commission’s work. If you’re interested in doing so, the process and practicalities are as follows: