While it's understandable to feel frustrated about intergenerational inequality and the burden placed on younger taxpayers, we need to be careful not to overgeneralize or assign blame to "the elderly" as a monolithic group. There are several important factors to consider when evaluating the role of older generations in the wealth distribution conversation.
- Not All Elderly Are Wealthy
It's a misconception that most elderly people are sitting on vast stores of wealth. Many retirees live on modest pensions or fixed incomes, and a large portion of their "wealth" may be tied up in illiquid assets like a primary residence—which they still need to live in. Policies that assume all elderly individuals should be compelled to use their homes or savings to pay for care risk pushing vulnerable older people into poverty or homelessness.
- We Already Ask a Lot of the Elderly
Many elderly people do contribute to the system: through taxes, through caring for grandchildren (which allows younger people to work), and through voluntary or community roles. Means-tested programs already reduce or eliminate state support for wealthier pensioners. It’s not accurate to say they are universally “given more” regardless of their wealth.
- Intergenerational Solidarity, Not War
Positioning this as a zero-sum conflict between young and old undermines the necessary solidarity for long-term solutions. Older generations paid into the system too, under the assumption of a social contract: that society would care for them in old age just as they contributed in their working years. Breaking that contract now would be both unethical and politically dangerous.
- Focus on Structural Wealth Inequality
You're absolutely right to highlight the role of the ultra-wealthy and multinational elites who hoard capital across borders and contribute relatively little back. That is where the real distortion in the economy lies—not in average retirees holding modest savings. Wealth inequality isn’t just about age—it’s about the structural ability to accumulate and protect capital regardless of contribution.
- Baby Shortage and Sustainability
Suggesting that we “shouldn’t have more babies” to avoid supporting an aging population oversimplifies the issue. Declining birth rates can lead to shrinking workforces, reduced innovation, and social instability. Societies need a balanced demographic structure. While we shouldn't exploit younger generations, encouraging a fair, supported lifecycle for all—young and old—is crucial to long-term prosperity.
In conclusion: It is fair to demand that the wealthy, including wealthy elderly individuals, contribute more. But let’s not punish or scapegoat the entire older generation, many of whom are not affluent. Let’s redirect our energy toward tackling systemic inequality, tax avoidance, and the concentration of capital, rather than targeting intergenerational wealth transfer in principle—which, when done fairly, can be a key tool for social mobility.
The top 10% of PAYE earners are already paying over 60% of the total tax receipts in this country.
The UK is a total basket case and taxing the only people who are net contributors until they bleed out is stupid.
A wealth tax would simply destroy ambition and future wealth creation.
I fundamentally disagree with taxing wealth. It destroys the notion that you ever truly own anything as technically the government can come and place a burden on any asset you own. This is fundamentally wrong.
I'm married, two children and late 30s. Lawyer. US law firm. On £300k per year plus discretionary bonus which works out net around £50k once a year. Work in London and live outside of London. I work from 9 to 9 five days a week. My family survived through centuries relying only on farming and royal armed forces to survive.
Both my husband and I trained (and paid ) for many years to be able to do our jobs which BTW not only add value to the fabric of society and economy but also we pay whopping big taxes to the government who in turn support those that need it - who do you think funds the NHS/welfare payments?