Soon, when the tax boom bottoms out, there could be an epic battle over who pays the bills
'More over-65s are working, or have partners who are doing so, their State pensions have been protected, and those who are at work are earning more. This is part of a longer-term trend, with the number of over-65s at work rising from 50,000 in 2012 to 113,000 in 2023.' Photograph: iStock.
The calculation that they are now better off than younger generations relates to disposable income after housing costs – in gross terms, the 30- to 55-year-olds at the peak of their earning power would earn more. But it is a fair measure of the discretionary spending power of a household and a sign of just how high housing costs are for those at the earlier stages of life.
The ESRI previously suggested a second tier of child benefit directed at lower earners and those reliant on welfare. It is one of a suite of priority policies that could make a difference All this means a few things for policy. The first point is the obvious one – the need for a more strategic approach to welfare supports – planning to address poverty among younger families, for example. The Economic and Social Research Institute previously suggested a second tier of child benefit directed at lower earners and those reliant on welfare. It is one of a suite of priority policies that could make a difference.The second, related point comes back to the budget.
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