The Ageing population: Below is a population tree for both historical and projected figures for the UK from 1961-2060, whilst the bars to the right show the old-age dependency ratio for different state retirement ages (the dependency ratio is the percentage of the population over the state retirement age – the figure written in red – divided by the working population, ages 20 to the state retirement age.)
The wealth of the generations in 2012: The two pie charts below show the distribution of remaining lifetime resources and uses for each generation. For example, the average new born (0-9 year olds) expects to receive £675k in wages (human capital), £258k in welfare, state education and health benefits, £168k in private transfers (such as from parents), £61k in net inheritances over their remaining lifetime but has no current financial assets. They will spend these resources over their lifetime; £677k on private consumption, £166k on public consumption such as on education and health, £216k on taxes, £107k on their children (all values are calculated as present values with an interest rate of 5%). For more details please read our 2017 paper
The chart below outlines the size of the total wealth in £K for each of the age groups.