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Harsh future for 'Maggie's kids' | Harsh future for 'Maggie's kids' |
(about 6 hours later) | |
Improving the stock of affordable housing and giving savings tax breaks are two key ways to alleviate old age poverty, a think-tank has said. | Improving the stock of affordable housing and giving savings tax breaks are two key ways to alleviate old age poverty, a think-tank has said. |
In its report called Maggie's Children, the Policy Exchange looked at how people born between 1980 and 1995 would fare in 50 years' time. | |
Student debt and high house prices will impair the financial fortunes of this "unlucky" generation, the report said. | Student debt and high house prices will impair the financial fortunes of this "unlucky" generation, the report said. |
It added "Maggie's Children" would be poorer than their parents. | It added "Maggie's Children" would be poorer than their parents. |
"Without greater flexibility, many of them will reach later life with fewer financial and social assets than their predecessors," said Roger Gough, research director of the Policy Exchange. | "Without greater flexibility, many of them will reach later life with fewer financial and social assets than their predecessors," said Roger Gough, research director of the Policy Exchange. |
"What is needed is a major adjustment of policy - in housing, pensions, savings and education - to keep up with economic and demographic change." | "What is needed is a major adjustment of policy - in housing, pensions, savings and education - to keep up with economic and demographic change." |
Reforms | Reforms |
The key recommendations in the 144 page report include: | The key recommendations in the 144 page report include: |
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The setting up of lifetime savings accounts topped up with government contributions | The setting up of lifetime savings accounts topped up with government contributions |
The paying of tax credits to grandparents who provide child care | The paying of tax credits to grandparents who provide child care |
Reform of housing benefit rules so that young adults can work and live at home without losing housing benefits. | Reform of housing benefit rules so that young adults can work and live at home without losing housing benefits. |
'Maggie's Children' not only face the prospect of an impoverished old age, many also will be living alone, according to the report. | 'Maggie's Children' not only face the prospect of an impoverished old age, many also will be living alone, according to the report. |
The trend towards a greater number of households being made up of single people is set to continue as families continue to breakdown, the report said. | The trend towards a greater number of households being made up of single people is set to continue as families continue to breakdown, the report said. |
The Policy Exchange report was co-authored by Mr Gough, academics, pensions and ageing experts, and Conservative Member of Parliament David Burrowes. | The Policy Exchange report was co-authored by Mr Gough, academics, pensions and ageing experts, and Conservative Member of Parliament David Burrowes. |