IT'S ALL THEIR FAULT: THEY BUY NOW, YOU PAY LATER

The income gap between the middle-aged rich and young poor in the UK is now the widest since records began. Not since the Second World War has the government borrowed so much or our country been so heavily in debt. The difference between Them and Us is clear. Theirs was the most prosperous and privileged generation of all time. And ours is one of the most indebted, facing a future of almost certain gloom. Make no mistake, we will be working past retirement age to pay it off, while they crack open their nest eggs and kick back abroad. Seven out of ten people who will retire in the next five years expect to spend some or all of their capital on holidays, cars, and hobbies rather than save up a nest egg for their kids. You. THE TIME BOMB The Baby Boomer time bomb is going to blow up in our faces, and we'll be left with the clean-up bill. This is what it comes down to:

1. Loads of Them – not very many of Us

The number of pensioners in the UK is going to engulf the population. Right now, there are 9.8 million pensioners living in the UK. Old-age Boomers will soar to 16.1 million by 2032. Meanwhile, the number of people in the UK between 16 and 50 will fall by 1.5 million over the next 25 years.

2. They're not going away any time soon.

Healthier lifestyles and improved medical care are delaying the inevitable like never before. On average, men in non-manual jobs can now expect to live to nearly 80 and women until 83.

3. There isn't enough money to go around

By the year 2030, the cost of elderly entitlement programs will be about double what it is today. There simply won't be enough working adults to cover the national pension and healthcare bill. And they haven't set any money aside to make up the difference. The current deficit for public sector pensions is approaching £1 trillion.

4. Someone's got to pay

There are three options. We could borrow more money (and let our children pick up the bill). We could pay double the tax we do now (and live our adult lives in poverty). Or we could halve our parents' pensions and healthcare (and watch them rot). Unless we come across an almighty pot of gold, one of these options is going to become reality. Surveys show that affluent Boomers are more interested in spending their money now, rather than saving for their own care. And 20 per cent of them have no private pension and plan to rely entirely on state handouts. But why on earth should we work our fingers to the bone to support people who were too selfish and short-sighted to look out for themselves? NEIL BOORMAN

Excerpted from

It's All Their Fault

click here for part one, part two, part three, and this interview