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The Big British Budget generation gap

Posted on 25 May 2015

Budget figures are correct as of 2015

How age dictates what the nation's spending priorities should be

More than 10,000 of you grabbed the chance to use our Big British Budget tool to tell the Chancellor where to stick the nation's £600bn budget and the results are now in! So how did the money get spent across the Government's top 10 spending priorities? And what impact did age have on the decisions made?

Health is important to everyone

One thing's for sure. If we were Chancellor for the day, spending on healthcare, including the NHS, social care and mental health, would be top priority, whatever our age. But across the other main budget categories, spending wildly differed by age group.

The younger we are...the more we want spent on education

When thinking about how best to spend the nation's funds, it's clear that the stage we're at in life, and what lays ahead, influences our decisions. After health, those under 25 ranked education – from early years through to further education and apprenticeships – their second most important spending priority. This, after all, is the generation faced with tuition fees and a highly competitive job market.

The older we are...the more we want spent on older people

But for people over 50, spending on older people took second place to health. It's perhaps no surprise that the older we get, the more we appreciate the need to support, and be supported, in our later years with things like pensions, concessionary travel, fuel allowances and social care.

Spending on older people much lower than Government plans

Interestingly though, everyone including the over 50s, do not agree with the Government giving spending on older people top budget priority. In fact, the survey results reveal that we'd spend £50bn less – that’s almost a third lower than the Government – in this category.

Younger and greener

Over recent years, awareness of environmental issues has increased dramatically. For the younger generation the importance of 'going green' has been apparent throughout their lifetime, so perhaps it's no surprise those aged 18-25 would spend 30% more on the environment than the over 50s.

Seeing the world differently

In this age of social media, our knowledge of events and suffering around the world is greater than ever before. Perhaps this is why for the 18-25 years olds, spending over 60% more on foreign aid than their parents' generation, who placed more importance on defence.

Where do you stand on the Big British Budget?

What do you see as the top spending priorities? Do you agree with the nation's choices? Want to give the Chancellor a run for his budget money? Have a go at the Big British Budget today.

SunLife offers a range of straightforward and affordable products including over 50s life insurance, funeral plans, life insurance, equity release, pet insurance, home insurance, car insurance, ISAs and Will writing services.

Here's the information that you need to know about who we are and the other companies that we work with in order to provide our products and services.

Who are SunLife? 

Phoenix Life Limited trades as SunLife and is the provider of the Guaranteed Over 50 Plan, SunLife Insurance and the life insurance policy payment option for Funeral Plans. Phoenix Life Limited’s registered office is at 1 Wythall Green Way, Wythall, Birmingham, B47 6WG (registered in England, no. 1016269). Phoenix Life Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority and is entered on the Financial Services Register (registration no. 110418). As part of SunLife’s commitment to quality service and security, telephone calls may be recorded.

SunLife Limited distributes financial products and services and is a company limited by shares, registered office: 1 Wythall Green Way, Wythall, Birmingham, B47 6WG (registered in England, no. 05460862). SunLife Limited is authorised and regulated by the Financial Conduct Authority and is entered on the Financial Services Register (registration no. 769427).

You can contact us by post at SunLife, PO Box 1395, Peterborough, PE2 2TR or by phone on 0800 008 6060.

If you choose to add Funeral Benefit Option to your Guaranteed Over 50 Plan the funeral services are arranged and provided by Dignity Funerals Limited. Dignity Funerals Limited is a company registered in England and Wales No. 00041598. VAT registered No. 486 6081 14. 4 King Edwards Court, King Edwards Square, Sutton Coldfield, West Midlands, B73 6AP. Telephone No. 0121 354 1557. Fax No. 0121 355 808. Part of Dignity plc. A British Company. Dignity is not authorised or regulated for this activity by the Financial Conduct Authority or the Prudential Regulation Authority but is a member of the National Association of Funeral Directors.

Who provides the Funeral Plans?

The funeral services are arranged by a funeral director selected by Golden Charter Ltd. Golden Charter Ltd are not required to be authorised or regulated by the Financial Conduct Authority or the Prudential Regulation Authority in relation to funeral plans but are registered providers with the Funeral Planning Authority.

If you choose to pay for your funeral in one go, with a single payment, you will have a contract with Golden Charter. The funeral services will be arranged by a funeral director selected by Golden Charter Ltd.

If you choose to pay for your funeral with a life insurance policy, the policy will be provided by Phoenix Life Limited, trading as SunLife. The funeral services will be arranged by a funeral director selected by Golden Charter Ltd.

Who provides My Smarter (ISA)?

My Smarter (ISA) is provided by Scottish Friendly Asset Managers Limited. Authorised and regulated by the Financial Conduct Authority. Details can be found on the Financial Services register, registration No. 188832. Member of The Investment Association. Registered Office: Scottish Friendly House, 16 Blythswood Square, Glasgow G2 4HJ.

Who provides the Will writing services?

Hugh James is authorised and regulated by the Solicitors Regulation Authority (SRA Number:303202).

The information contained on this website is based on Hugh James' understanding of the law of intestacy in England and Wales only as at April 2014. The law in Scotland and Northern Ireland is significantly different. This is for information purposes and is not intended to be legal advice.

Who provides Family Life Insurance?

SunLife Family Life Insurance is provided by Scottish Friendly Assurance Society Limited which is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Details can be found on the Financial Services register (registration number 110002). Registered Office: Scottish Friendly House, 16 Blythswood Square, Glasgow G2 4HJ. 

Who provides SunLife Pet Insurance

SunLife Pet Insurance is arranged and administered by BDML Connect Limited. BDML Connect Limited is authorised and regulated by the Financial Conduct Authority (No. 309140). Registered in England and Wales Number 02785540. Registered Office: 45 Westerham Road, Bessels Green, Sevenoaks, Kent, TN13 2QB.

Who provides SunLife Home Insurance

SunLife Home Insurance is arranged and administered by BISL Limited and underwritten by a panel of insurers. BISL Limited are an intermediary authorised and regulated by the Financial Conduct Authority. Registered in England no. 03231094. Registered office Pegasus House, Bakewell Road, Orton Southgate, Peterborough PE2 6YS.

Who provides SunLife Car Insurance

SunLife Car Insurance is arranged and administered by BISL Limited and underwritten by a panel of insurers. BISL Limited are an intermediary authorised and regulated by the Financial Conduct Authority. Registered in England no. 03231094. Registered office Pegasus House, Bakewell Road, Orton Southgate, Peterborough PE2 6YS.