Give millennials £10,000 each to tackle generation gap

Level 2 l Upper intermediate

1 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

2 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)
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NEWS LESSONS / Give millennials £10,000 each to tackle generation gap / Upper intermediate
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Give millennials £10,000 each to tackle generation gap
Level 2 l Upper intermediate
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.
© Macmillan Publishers Ltd 2018
NEWS LESSONS / Give millennials £10,000 each to tackle generation gap / Upper intermediate
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
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Give millennials £10,000 each to tackle generation gap
Level 2 l Upper intermediate
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.
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NEWS LESSONS / Give millennials £10,000 each to tackle generation gap / Upper intermediate
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 Give millennials £10,000 each to tackle generation gap
Level 2 l Upper intermediate
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.
, London
Rory Childs, 21

I would have a big smile on my face. With no

Nikeh Gray, 29, London
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 Discussion
• 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 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
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NEWS LESSONS / Give millennials £10,000 each to tackle generation gap / Upper intermediate
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Give millennials £10,000 each to tackle generation gap
Level 2 l Upper intermediate
KEY

1 Warmer 3 Comprehension check

1. c 1. b
2. a 2. b
3. b 3. c
4. a
5. b
2 Key words 6. a

1. think tank
2. inheritance 4 Money
3. redistribute
4. resentment a.
5. pension 1. splash out on
6. assets 2. inheritance tax
7. predecessors 3. money down the drain
8. hedonists 4. disposable income
9. deposit
10. handout

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NEWS LESSONS / Give millennials £10,000 each to tackle generation gap / Upper intermediate
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