For over a year the Intergenerational Commission, made up of leading experts from the worlds of work, academia and public policy, has been analysing living standards outcomes for different generations. Our research – available at www.intergencommission.org – has shed light on the difficulties faced by today’s younger generation in a range of areas, including pay progression, owning their own home and saving for retirement. Crucially, our analysis suggests that these issues have implications that reach far beyond the ‘millennial’ generation themselves. For example, the slowdown of intergenerational progress in the labour market began well before the onset of the financial crisis, while ever-deteriorating housing affordability has affected all generations alive today.
The findings produced for the Commission – shaped by the problems identified in our first call for evidence – demonstrate that while these outcomes have been building for some time their consequences have been missed for too long. What is needed now are effective policy solutions to counter the worst effects and restart generational living standards progress. We are calling for suggested policy solutions to renew the social contract between the generations, and ensure that younger generations benefit from a growing economy in the same way that previous generations have.
We welcome submissions that set out plausible policy solutions to any of the issues raised by the Commission’s work. These might cover themes including pay progression, home ownership, pensions adequacy, welfare and taxation, transfers within families, and the provision and financing of social care. We encourage submissions from as broad a range of organisations and individuals as possible, to enable us to create a set of far reaching and effective recommendations.
We hope you will submit policy solutions to support the Commission’s work. If you’re interested in doing so, the process and practicalities are as follows: