Young people deserve financial support through a 'citizens advance' because the economic system has created unprecedented generational wealth inequality
Source: https://www.theguardian.com/profile/pollytoynbee. "Young people need money because our system is rigged. Here’s a way to give it to them | Polly Toynbee | The Guardian." June 9, 2026. www.theguardian.com
The Gist
Young people today are worse off than their parents were, mainly because older generations got lucky with cheap housing and free education while young people face expensive housing and debt. The government should let young people borrow against their future pensions to help level the playing field.
Conclusion
The government should implement a 'citizens advance' scheme allowing young people to access future pension funds early to address systemic generational wealth inequality
Premises
- Young people are the first generation ever to be financially worse off than their parents were at the same age
- Only one-third of UK adults expect to receive intergenerational wealth transfers, creating a divide between those with family financial support and those without
- Over-60s own 56% of housing wealth while under-40s have only 4% of overall wealth, demonstrating massive generational inequality
- The 'bank of mum and dad' provided £10bn in 2024 and accounts for half of first-time buyers, while 70% of under-40s without property think they never will own
- A citizens advance scheme would allow under-40s to take £12,500 now in exchange for delaying state pension by one year, helping with debts, savings, and housing deposits
- Even small financial cushions significantly improve young people's employment prospects, wages, and general health outcomes
- The baby boomer generation benefited from free education, easily affordable housing, and massive property value increases that created unearned wealth
Assumptions
- Government intervention is necessary and appropriate to address wealth inequality between generations
- The current wealth distribution between generations is fundamentally unfair rather than a natural market outcome
- Young people's financial struggles are primarily due to systemic issues rather than individual choices or economic cycles
- Older generations have a moral obligation to support wealth redistribution toward younger people
- The citizens advance scheme would be politically feasible and administratively workable