New research finding that older people report better standards of living than younger generations should not come as a surprise in many senses.
A survey of almost 7,000 people for charitable trust Carnegie UK found people aged over 55 consistently reported better standards of living than younger generations. The Life in the UK survey asked a range of questions on economic, social, environmental and democratic topics to come up with an overall “wellbeing score” out of 100. While the national average was 62, the over-55s scored 65 while those aged 16-34 scored 59 and those aged 35-54 scored 60.
That life gradually improves and becomes more comfortable as you get older is partly a reflection on the fact that as people progress through their working lives, they generally accumulate both more financial assets and a broader perspective on life. However, there should be concern that the long-standing aspiration of most in society for younger generations to be able to look forward to better standards of living than their parents enjoyed appears to be becoming harder to achieve.
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