The “Platinum Jubilee Generation” turning 70 this year have generally had it better than other generations, says IFS
(Picture: PA Wire)The “Platinum Jubilee Generation” who are 70 this year have been better off than the population as a whole at every point in their adult lives, leading economists said on Monday.
The study by Jonathan Cribb and David Sturrock, from the Institute for Fiscal Studies, revealed how they are “truly the golden generation”.
As the nation prepares for a four-day Bank Holiday weekend to mark the Platinum Jubilee of the Queen, who is 96, the research stressed:
- That for Britons born in 1952, 76 per cent of men and 84 per cent of women are still alive. “This is a triumph in itself,” said the researchers.“This generation has benefited from dramatic increases in life expectancy. If we go back to look at those born in England and Wales a further 70 years before the Queen came to the throne, in 1882, just 34 per cent of men and 45 per cent of women are estimated to have survived to 1952 and their 70th birthday.”
- These members of the “Platinum Jubilee generation” have a life expectancy of 88 years for women and 86 for men. Compared to those turning 70 in 1952, that is an extra six years of expected lifespan for both men and women. A small but growing share are expected to make it to receive a Royal greeting on their 100th birthday, added the study.
- The “Platinum Jubilee Generation” are also the richest in history so far. The research showed they have average household incomes (after accounting for household composition and housing costs) that are higher than the population as a whole and higher than the incomes they themselves had over most of their working lives. “This generation benefited from the strong growth in earnings in the 1980s and 1990s in particular, and from the increasing generosity of the state pension in more recent years,” the researchers said. They added: “When they were 25, at the time of the Silver Jubilee, their average incomes were £12,500 (expressed in 2020–21 prices), compared to £10,700 for the whole of the UK. The peak of their incomes came just after the Golden Jubilee when, in 2005, they had average incomes of £27,800, a full £5,700 higher than the UK average. They now have incomes of £26,400 per year, six per cent (£1,500) more than the average.”
- Many in this generation benefited from the UK’s property price boom, the study explained, increasing their wealth.
It stressed that 85 per cent of them are homeowners and 14 per cent, or one-in-seven, own a second home. In 1952, the average property price was £2,000 (around £40,000 in today’s prices), that rose to £13,000 by 1977 (around £64,000 in today’s prices) and today stands at £260,000, it added.
IFS director Paul Johnson tweeted: “The Platinum Jubilee generation - those turning 70 this year - have been better off than the population as a whole at every point in their adult lives. “Truly the golden generation.”
But the study also highlighted that not all of this generation are wealthy, with 18 per cent in relative income poverty prior to the pandemic (compared to 22 per cent for the UK as a whole).
However, it added: “This still represents a remarkable change: in 1977, the Silver Jubilee year, those over state pension age were more than twice as likely to be poor than those under state pension age.”
The research also found that 15 per cent of this generation have a degree or equivalent higher education, much lower than younger people. Three quarters are married, one in ten are widowed and 11 per cent divorced or separated from a partner.
Just over a third are taking some medication for high blood pressure, slightly more than one-in-ten report difficulties dressing themselves, 11 per cent say their health is excellent but seven per cent say it is poor.
