Comment for w/c 26th May 2026:
How democratic socialism has failed the young —
and how egalitarian capitalism can turn the tide
Find our full commentary here
'Income only maintains consumption, but assets change the way people think and interact in the world. With assets, people begin to think in the long-term and pursue long-term goals. In other words, while incomes feed people’s stomachs, assets change their minds’
Michael Sheraden: a quote from his book, ‘Assets and the Poor’
The presentation given by Lord Willetts, founder of The Resolution Foundation, at Share Alliance’s Inter-generational Rebalancing Conference on 14/15 May was entitled ‘Intergenerational divides — and what can be done about them’. One of his most striking charts showed the huge contrast in the proportion of those who ‘wished they grew up in their parents’ childhood era’: 16% for Baby Boomers (born between 1945 and 1965) compared to 50% for Generation Z (born between 1996 and 2012).
Of course, people of the Baby Boomer generation were not far behind the devastating world wars through which their parents had struggled, so it’s understandable there was little wish to look back. However, the fact that 50% of Gen Z wish to return to their parents’ era reflects what is now a really challenging time for young people, with:
- youth unemployment and NEET status (‘Not in Education, Employment or Training) at very high levels;
- employment opportunities increasingly being replaced by artificial intelligence;
- a huge level of student debt for those graduating from university;
- an increasingly unstable family formation environment.
We urgently need to prioritise attention on the needs of young people; but that has proved very difficult for politicians of all parties over the past fifteen years — in fact, it’s been the case over several decades.
Professor Sir Julian Le Grand's presentation at the Share Alliance Conference included the quotation from Michael Sheraden at the start of this commentary. He also referred to evidence from US and UK longitudinal studies that individuals who own assets, when compared with those who do not, have better health, lower mortality, higher marital stability, less domestic violence, better educational outcomes for children, and higher savings when children become adults.
Over the past few months, report after report has evidenced the really difficult circumstances with which young people have to struggle today, and which has caused such a sense of despair. You may ask why seventy-five years of democratic socialism has failed the young in this way; the answer is debt: both personal and public.
—> please READ ON ..
..........
We've published over 450 of these weekly commentaries covering a wide range of issues, and you can find links here to the full list over the past nine years.
