In my current play I made a manifesto promise to boost equality, and I’m having trouble fulfilling it. 3 turns to go, I have to reach 94%, and I’m stuck at 90%. I still have options, but one thing I noticed holding me back as “generational wealth gap”. I had a look at what is creating that and I take issue with a couple points here.
I would even argue that free bus passes should create a slight health bump, as being trapped in one’s home is bad for mental health, and should decrease the cost of social care, as it would allow some seniors to remain in their own homes a bit longer.
If you disagree with me and want to continue to have this policy increase generational wealth gap, at least review the strength. I currently spend more than 30 times as much money on state pensions as I spend on free bus passes, but free bus passes are having twice the impact on generational wealth gap as state pensions.
Point 1: Free bus passes. I get it, this is a publicly funded program from everybody’s taxes that only seniors benefit from, but I still don’t think it should be represented here. When younger generations think of generational wealth gap we (I think I can still say we, I’m 33, does it count?) aren’t thinking of old people riding the bus for free. The older folks on the wealthy end of the generational wealth gap aren’t even riding the bus at all, free or otherwise. They’re rolling around in an Audi or a Lambo or whatever. In short, free bus passes shouldn’t impact generational wealth gap because the recipients aren’t wealthy.
Point 2: Mortgage tax relief. I’m taking this criticism a step further, not only should it not increase generational wealth gap, it should decrease it. The wealthier members of the older generation generally don’t have mortgages anymore, they paid those off years ago. If they are moving, it tends to be to downsize as “empty nesters” don’t need so many bedrooms anymore, and they don’t really want so much house to clean anymore. They might also be thinking of finding a home with fewer stairs. Mortgage tax relief is of no use to those who already paid their mortgage off or are thinking of downsizing. Those who benefit are those buying in or buying up, which would mean that this might make the prospect of property ownership slightly more achievable to a younger generation who see it as prohibitively expensive.