The last three columns in this series looked at the gaps between the generations below and above forty. Four stylised sets of facts surfaced. Even though the generation entering its forties today is far better educated, relative to the previous generation at the same age, members of this ‘millennial’ cohort earn less, pay more, have far fewer assets, and keep less of the increases in productivity due to them. This cohort, like all cohorts, is aging. The policy problem of the coming decades will be what to do with a large group of assetless older people. Wealth inequality in particular is…

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