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Blame it on the boomers

In a new series on Radio 4, financial expert Alvin Hall claims that the burden facing the children of baby boomers, those born between 1946 and 1962, are destined for a far tougher life than their parents.

The end of subsidised university education is likely to be permanent, and this is combined with a housing market that bears no resemblence to wage prices.

And over the next 18 years those baby boomers – all 12 million of them – will retire, placing yet more financial stress on the generations that come after them.

All this and more Hall talks about in his new four part radio series Poorer Than Their Parents.

'Young people don’t see the opportunities that their parents had,' says Mr Hall.

'The debt that is being incurred, the lay-offs, the increases in university fees – these things are part of a diminution of their ability to achieve a lifestyle better than that of their parents. There is a general lack of optimism.'

In the US, 55 percent of citizens questioned by the programme said that they expected their own offspring to fare worse than they have in terms of income, housing and education.

'Some of the young people we talked to are very angry about this. And there are some who recognise their parents were just lucky,' says Hall.

'We have several older people on the series saying there could be a revolution among young people as they realise their options are not as bright as those of their parents. We decided to see if there is evidence of a movement that’s burgeoning out there, and we were surprised to see that there is.'

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