1 2 Warmer Match the generations to the years they were born in. Scan the article to check your answers. 1. millennials a. 1946 1965 2. baby boomers b. 1966 1980 3. Generation X c. 1981 2000 Key words Match the key words with the definitions. Then, find them in the article to read them in context. The paragraph numbers are given to help you. assets handout hedonists inheritance predecessors redistribute pension deposit resentment think tank 1. a group of people who work together to produce new ideas on a particular subject (para 1) 2. money that you receive from someone when they die (para 2) 3. change the way that money is shared between people (para 2) 4. an angry unhappy feeling that you have when you think you have been treated unfairly (para 3) 5. money that someone regularly receives after they have stopped working because of their age, paid either by their company or by the government (para 3) 6. something such as money or property that a person owns (para 6) 7. the people who came before you (para 6) 8. people who believe that pleasure is very important and who try to spend all their time doing things that they enjoy (para 7) 9. a first payment that you make when you agree to buy something expensive, such as a house (para 7) 10. an amount of money given to people who need it (para 9)
Give millennials 10,000 each to tackle generation gap, says think tank Robert Booth 8 May, 2018 1 Every person in Britain should receive 10,000 at the age of 25, an influential think tank has suggested following a two-year study. 2 The payment, described as a citizen s inheritance, aims to redistribute money at a time when young people need it most to find housing, return to education or start a business. 3 It also aims to reduce resentment towards baby boomers (born 1946 65) who have benefitted more from the housing market and pensions than any of the following generations. 4 The idea came from the Resolution Foundation s intergenerational commission, which has been working on the issue for two years and has now published its final report. 5 The panel said the unwritten agreement, in which the young look after the old and the old help the young to have a better life than the generation before, had broken down. 6 Younger generations have more risks and fewer assets than their predecessors, the report says. We need to correct that imbalance. 7 The findings will be popular with millennials (born 1981 2000). They believe older people incorrectly think they are hedonists who would rather splash out on expensive coffee and slices of avocado on toast than save for a house deposit. In fact, research found that in 2001, people aged 25 34 consumed the same as 55 64 year olds and today, they consume 15% less. 8 The 10,000 would be paid for by a change to inheritance tax, the authors said. 9 Some millennials said the handout would barely affect them because student debt is so large and the cost of housing is so high. Others said it could be money down the drain if it was not used wisely. 10 However, the commission said the money could only be used for housing, education, starting a business or towards a pension. 11 The idea is supported by analysis that shows inherited wealth will have a bigger and bigger effect on standards of living in the future. Inheritances and gifts from parents will grow in size much faster than incomes. 12 This presents challenges, the authors write. Many will not inherit and those that do are likely to receive this money shortly before retirement rather than in the expensive years when they are bringing up children. 13 That means that some generations have more money and property than others. It also means that these differences will become bigger within the millennial generation. Inequalities of income within generations are higher for younger people today than for their predecessors, the report says. There is a risk that the growing importance of inheritances will stop many people from moving to a higher social class. 14 The commission found that the disposable income of 30-year-olds today was no higher than that of the generation before them, despite the economy growing 14% in the last 15 years. Millennials are half as likely as baby boomers to own their own home by the age of 30 and four times more likely to rent in the private sector. 15 The number of families bringing up children in rented homes has trebled since 2003, to 1.8 million. Millennials in their 20s are more likely to be in insecure work than their Generation X predecessors (born 1966 80). 16 However, millennials have the advantage of higher employment rates generally, higher employment rates for women and a more equal pay between men and women. 17 Britain s unwritten agreement between generations lies at the heart of society, said the authors. As families, we give to our children and parents at different times. We expect the state to support us in this. Many people no longer believe that Britain is looking after both the young and the old. Guardian News and Media 2018 First published in The Guardian, 08/05/18
3 Comprehension check Choose the best answer to each question. 1. The report says that, at the age of 25, everyone in the UK should receive a. money from their parents. b. money from the government. c. money for a house deposit. 2. The money could be spent a. to pay back their parents. b. on education or housing. c. in any way they like. 3. The report says the handout is necessary because millennials have a. large debts because of high university fees. b. difficulties finding jobs and somewhere to live. c. more expenses but fewer assets than previous generations. 4. Millennials are only likely to become richer a. through inheritances and gifts from parents. b. by working hard and buying a house. c. if they leave the UK and work abroad. 5. Millennials are a. twice as likely as their predecessors to own a house by the age of 30. b. more likely than their predecessors to pay rent. c. more likely than their predecessors to own their own homes. 6. Millennials are often (wrongly) said to a. spend money on unnecessary things. b. be lazy. c. be happy to live with their parents until they are in their 30s. 4 Money a. Find the following expressions in the article. 1. buy something expensive or unnecessary (three words, para 7) 2. money that you have to pay the government when you inherit money or property from someone who has died (two words, para 8) 3. money wasted (four words, para 9) 4. money that you have left to spend after you have paid your taxes (two words, para 14) b. Use the expressions in sentences of your own about the article as well as about your life or work.
5 Responses a. Read three millennials thoughts about the citizen s inheritance plan. I would spend it on my music education but it wouldn t make much of a difference; it would pay for about two terms. There are lots of other problems with this millennial generation. A lot of them feel the world owes them something because they were promised they could do anything they wanted when they were kids. My fear is some people might get the 10,000, decide to be an entrepreneur and waste it. I am embarrassed to be part of that millennial group. Rory Childs, 21, London Nikeh Gray, 29, London I would have a big smile on my face. With no restrictions, it would be gone in a month but with the restrictions, how would it help me? 10,000 is not even enough for a deposit and I don t want to deal with my pension until I am in my late 30s. I won t think that far ahead. Having that amount of money at 25 would change your ability to afford a house. Maybe you could put it into a bond while you save the rest of the money. What the older generation don t understand is that while the minimum wage helped people afford things for a while, that s not the case now. I stopped trying to buy a house a few years ago because I realized I would never afford it. Matilda Morgan, 23, Petersfield b. Think of a millennial that you know. How do you think they would respond to the suggestion that they should get 10,000 from the government on their 25th birthday? 6 What do you think of the think tank s suggestion? How would getting this sum on your 25th birthday have affected, or affect, your life? 7 Discussion Webquest In your opinion, do today s young people have better or worse lives than their parents? Circle your answer. worse similar better Look at the graph showing how survey respondents in 11 countries worldwide answered the question. Discuss the survey results. What do you find most interesting? Is your country mentioned? www.theguardian.com/money/2018/may/08/give-millennials-10000-each-to-tackle-generation-gap-says-thinktank
KEY 1 Warmer 1. c 2. a 3. b 2 Key words 1. think tank 2. inheritance 3. redistribute 4. resentment 5. pension 6. assets 7. predecessors 8. hedonists 9. deposit 10. handout 3 Comprehension check 1. b 2. b 3. c 4. a 5. b 6. a 4 Money a. 1. splash out on 2. inheritance tax 3. money down the drain 4. disposable income