Who has it worse? Old or young

If the cost of living increases and an individual's income doesn't cover the extra, is anyone to blame?

You may say it's the fault of greedy energy companies if your gas bill goes up, or bemoan the Bank of England if an interest rate rise pushes up your mortgage payments.

I pose the question because I happened to watch a segment on the BBC about a pensioner teach-in. It was teaching the participants tricks to keep their energy bills down, for example how much it costs to keep items on stand-by.

The journalist was talking to participants about how they would be affected when inflation starts to increase again (it fell below zero again this week). Many said they were worried their pension income wouldn't stretch (even though the state pension in triple locked, meaning it rises at the highest of inflation, earnings or 2.5%).

Of course, this is a real worry and we should be concerned that pensioners can't afford to live. No one should have to live hand to mouth, especially after contributing to the economy for their entire lives.

However, I wondered what the reaction to a young person saying they were concerned about the rising cost of living versus their income would be. I write a lot about young people and the problems they have affording houses, rent, and increasing living costs.

A typical reaction to young peoples' financial problems is inevitably 'tighten your belt' and 'stop buying swanky phones'.

Why are the financial concerns of young people any less valid that those of older people? Surely, the concern is the same: the money I have coming in doesn't stretch to cover my bills or only just stretches.

This isn't about pitting generations against each other because I think they are both suffering from the same problem, but I am interested in why for one group of people, the blame for their financial situation lies with the state not supporting them enough, when the blame for the other group falls squarely on the individual's shoulders – they by contrast are branded spendthrifts.

You could argue that both younger and older people should cut their cloth to fit their incomes but you could also say that both need the government to realise the common problem in both generations.

Of course, we need targeted legislation to help certain groups in society, but by recognising common problems, the state can design legislation that helps all.

Read more:
Why don't young people save for their old age?
Old vs young: a new battleground for pensions inequality
Young and old discriminated at work