Boomers, Pay Up or Pitch In: The Intergenerational Bargain We Can't Ignore
📷 Image source: i.guim.co.uk
The Elephant in the Room
Why the Wealth Gap Isn't Just a Number
Let’s cut to the chase: baby boomers hold 53% of the UK’s wealth while millennials scramble for scraps. Phillip Inman’s piece in The Guardian nails it—this isn’t just about fairness; it’s about survival. The housing market’s a joke, pensions are a mirage, and climate disasters? That’s the bill Gen Z didn’t write.
But here’s the twist Inman throws down: if boomers balk at wealth taxes (and oh, they do), there’s another currency they’ve got—time. Skills. Mentorship. The kind of social capital that built their careers. It’s not charity; it’s a damn reckoning.
The Tax Standoff
Why ‘Just Take Less’ Isn’t Working
Remember when Theresa May floated the idea of tapping boomer homes to fund social care? The backlash was nuclear. Fast-forward to 2025, and the rhetoric’s the same: ‘We earned this.’ But as Inman points out, that logic ignores who paid for their education (hint: taxpayers), who subsidized their industries, and who’s now stuck cleaning up the planet.
The numbers don’t lie. The IFS estimates a 1% wealth tax on assets over £500k could raise £260bn in a decade. Yet the Over-50s Lobby—yes, that’s a real thing—cries ‘confiscation.’ So what’s left? If cash is off the table, maybe sweat equity isn’t.
The Skills Swap
From Golf Courses to Coding Bootcamps
Imagine this: retired accountants teaching financial literacy in schools. Ex-engineers mentoring green tech startups. Inman’s onto something radical here—a ‘time bank’ where boomers trade expertise for tax credits. Portugal’s already testing it; retirees get property tax breaks for volunteering 4 hours a week.
But let’s be real. This isn’t just about goodwill. It’s about power. Boomers dominate local councils, charity boards, even the gig economy (Uber’s fastest-growing demographic? Drivers over 50). Redirect that clout to upskill younger generations, and suddenly, ‘legacy’ isn’t just a trust fund—it’s a ladder.
The Stakes
What Happens If We Do Nothing
The UK’s productivity is in the toilet. Youth unemployment? Stuck at 12%. Meanwhile, 3.5 million boomers are ‘economically inactive’—not retired, just done. Inman’s warning is stark: this isn’t sustainable. Either wealth gets redistributed the hard way (see: France’s pension riots), or we find a trade that doesn’t leave millennials holding the bag.
And before you say ‘But my grandkids!’—know this. The average inheritance age is now 61. By then, your kids are too old to buy homes, too tired to start businesses. The time to act was yesterday. The compromise? Put your LinkedIn to work.
The Bottom Line
No More Free Passes
Inman’s piece isn’t just a provocation; it’s a blueprint. Wealth taxes would be cleaner, sure. But if boomers won’t open their wallets, they’d damn well better open their contact lists. Because right now, the generational contract isn’t just broken—it’s on fire. And pretending it’s fine? That’s how you get populists promising to burn it all down.
So here’s the ask: Teach. Lobby. Hire. Or get ready for the next headline to be a lot less polite.
#BabyBoomers #WealthGap #GenerationalJustice #SocialCapital #TaxReform #Mentorship
