Family breakdown has led to a wealth gap between young and old, says Lord King

Lord King says teenagers are less financially secure than baby boomers. Photo: Geoff Pugh

The breakdown of families across Britain has led to rising prosperity. gap between young and old, Lord King warned.

A former Bank of England governor said teenagers are less financially secure than baby boomers because the UK has «the least stable family structure in Europe».

He noted the increase in the number of families. disruptions and lack of employment opportunities have harmed both young people and society as a whole.

Speaking at the launch of a report by the Center for Social Justice (CSJ), Lord King said “stable and secure” families are the foundation of a well-functioning society

Lord King, 75, said that unlike today's young people he received a «totally free education» and could more easily afford to buy a house.

He said: «I I belong to the lucky generation.” . I was lucky enough to be born in 1948.

“Completely free education at all stages of my life. No student debt. I got on the housing ladder when it was possible.

“The current younger generation suffers much more. They have problems with social media which has led to more mental illness. But a lot of it has to do with the need to belong to a stable and safe family for your own mental well-being.”

Citing analysis published by the Institute for Fiscal Studies (IFS) showing that 23% of British families are headed by a single parent, compared with the EU average of 13%, Lord King warned. that governments can't just find their way out of the problem.

He said problems around mental health, crime and addiction, which have been worsened by the pandemic, will take «20 years or more to solve.» .

The IFS study found that 44% of children born at the turn of the millennium did not live with both biological parents throughout their childhood, compared with 21% of children born in 1970.

Lord King said: Exactly factors such as crime or a lack of reliable employment opportunities undermine people's ability to form stable and secure families.

“It is quite unusual that almost one in two children today will not grow up in a two-biological parent household.

“We have the least stable family structure in Europe. We should worry about that.”

He added: “Money is important, it matters. But that's not the only thing. And if we at the center (CSJ) somehow think that developing a method of distributing money will solve the problem. We're wrong.

“It's about creating an environment that includes secure employment opportunities [and] respect for the people doing jobs that may not pay high wages but are vital to our society.” .