THE LEX COLUMN: Intergenerational conflict is not OK, boomer
Persistence of the financial gap poses a risk of youngsters voting for a return to the economics of the 1970s
There is strength in numbers. Those born in the postwar baby boom have enjoyed political and economic clout while supporting relatively few dependants. Millennials have no such luck. But the voting power of those born after 1980 will overtake that of older generations in a decade or so. If they opt to redress the balance, there will be financial consequences.
In many countries, young people have justifiable gripes. They disproportionately work in industries shuttered by the pandemic. Pay rates of 30-somethings have not recovered since the financial crisis, in the UK at least. Rising house prices put home ownership out of reach for many. The proportion of young adults living with their parents has soared in the US, Britain and elsewhere. On top of financial inequality are the burdens of climate change and huge government debt.