World Millennials and Generation X should receive a one-time £10,000 “citizen’s inheritance” at age 25 to boost young people’s economic prospects and mend their “broken” link with aging baby boomers, a new U.K. report says. The £10,000 investment—or a little more than $13,500—would be acquired by the British government from tax hikes on pensioners and would seek to address a widening divide in living standards between young and old people. The Resolution Foundation report proposed mandatory stipulations that the one-off payments must go to young citizens’ education, a home, a pension or a small business. But while critics labeled the move simply a “short-term bribe,” proponents say that amount isn’t even enough to start a business, put a down payment on a house or pay off highly inflated tuition debts. The Resolution Foundation, a nonpartisan British think tank that researches policy solutions to improve low- to middle-income citizens’ living standards, suggested additional staggered inheritance payments for older Britons starting with people turning 35 in 2020. The report notes that six in 10 U.K. millennials currently in their late 20s would see their wealth nearly doubled by receiving the £10,000 investment from the government. The payment would serve as a stepping stone… Read full this story
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