Will Harris talks about the Generation Game.
The Resolution Foundation has at last published its long awaited report on social mobility and the impact of the yawning gap in prosperity between the older and younger generations. As you are probably aware, it is an issue that rarely escapes discussion in client meetings these days.
It is THE issue of our time, encompassing house prices, long term care, estate planning and taxation. Planning needs to be holistic or it’s not proper planning! Communication between the generations is vital.
Lord David Willets, former Conservative Front Bencher and committee chair, admits the current impasse is due to political failure.
While politicians can help with the solutions, unpicking the polarisation of wealth in this country since 1980 won’t be pretty using taxation and legislation alone. Simply helping children through college is all too often just not enough these days. For some they don’t see the point in trying to climb the mountain, if there is no chance of them getting to the top. I sense this with my 18-year-old son. It’s all very daunting.
Thankfully, you are well placed to do for yourself what politicians could be doing to address this potentially complex problem.
There are lots of ways to funnel money back through the generations to try and ensure your children’s prospects are as good as yours were in the post 1960 boom years.
If you want to know how we can help, please contact us for more information.