About
The UK has faced over a decade of weak growth, leading to stagnant wages and falling living standards. According to the OECD, the UK economy is predicted to grow by just 0.7% in 2024. This has been combined with persistently high inequality, with income inequality in the UK now higher than in any other large European country. Against this backdrop, demographic change continues to put pressure on public finances.
These challenges affect different generations in different ways, and threaten the stability of the social contract. According to the Resolution Foundation, living standards are projected to be lower at the end of this Parliament than they were at the beginning, and younger generations today are faced with the prospect that they may end up worse off than their parents and grandparents. We need solutions that will drive economic growth, but we also need to rethink how the benefits of that growth are shared between generations. Guaranteeing intergenerational fairness will require difficult decisions, balancing current and future needs and priorities. The government and the private sector will need to work together in addressing these challenges.
This project will explore how with profit funds can help address these challenges, and what we can learn from with profit funds for managing intergenerational welfare.
This project has been supported by M&G.
Reports
Intergenerational inequality and the future of the social contract
10 June 2024
The social or intergenerational contract is the principle whereby different generations support one another depending on their resources and needs at different stages of their lives. Increasingly, evidence suggests that demographic change, low economic growth and high wealth inequality between generations are putting this under pressure. This research explores people’s perceptions and experiences of intergenerational inequalities, with a view to identifying solutions that will help strengthen the intergenerational contract and support the wellbeing of all generations. This research summary presents some early results from a YouGov survey carried out as part of this project.
Upcoming events
Webinar: Strengthening the intergenerational contract – investing for intergenerational fairness
Date: Tuesday 21 January 2025
Time: 12.00pm – 1.15pm GMT
Location: Zoom
Speakers include:
- Dr Vivien Burrows, Senior Research Fellow, ILC
- Clive Bolton, CEO, Life Insurance, M&G plc
- Professor Bobby Duffy, Professor of Public Policy and Director of the Policy Institute, King’s College London
Register on Zoom HERE
Past events
Retirement Income Summit 2024: Setting the priorities for the next Government
Date: 13 June 2024
Time: 12 – 5.30pm
Location: M&G, 10 Fenchurch Avenue, London
Join key policymakers, influencers and experts to help identify policy priorities for the next Government and ensure more of us have access to a decent income in retirement.
We want to hear from you
If you would like to get involved in this project or have any questions, please contact Vivien Burrows.