- Of around 2 million people who have registered to vote since 23 May, almost a third (31%) were aged 25-34, and a quarter (25%) were under 25.
- However, 18-24-year-olds are the age group that’s least likely to vote in an election.
- When we asked people aged 18-34 which policies were most likely to make them vote for a party, 22% said it was more generous benefits. In joint second position (21%) were cutting income tax, cutting council tax and more help with childcare.
- Only 16% were attracted by the idea of keeping the triple lock on the state pension – while one in ten said it would actually make them less likely to vote for a party.
- Both the Conservatives and Labour have pledged to improve rights for renters.
Sarah Coles, head of personal finance, Hargreaves Lansdown:
“The idea that younger people are less likely to vote risks becoming a self-fulfilling prophecy if politicians ignore them entirely. Fortunately, although the manifestos have been full of pledges designed to appeal to older voters – including the triple lock on state pensions and pensioners benefits – there are a few highlights for younger voters too.
When we asked younger people about the policies most likely to attract their vote, cutting income tax was a popular option, so the lower National Insurance on offer from the Conservatives could make a difference. Unfortunately, the fact that neither Labour or the Conservatives have mentioned the frozen income tax thresholds means they’re highly likely to stay. As a result, over time, more people will be pushed into paying more income tax as they get pay rises.
Younger voters are also keen on cutting council tax, and while neither of the main parties is offering this, both have now ruled out rebanding, and the Conservatives have promised no changes to discounts. These discounts benefit students, so this will be welcome news. However, those who’ve finished their studies and are living alone are likely to be unimpressed that they still have to pay three quarters of the council tax of a couple living together.
Childcare
More help with childcare was also a popular measure, and both the main parties have made pledges. The Conservatives have emphasised the continued roll-out of free childcare for children aged nine-months and over. In reality, this is likely to remain in place regardless of who is elected, because it has been factored into the costings. In addition, Labour is promising free breakfast clubs in all primary schools – for all children.
Property
Both the main parties have also pledged to support the rights of renters through legislation, including banning no-fault evictions. Labour is promising minimum standards for the energy efficiency of rental properties – to help keep heating bills down for renters.
They’re also pledging to help people onto the property ladder – although in different ways. Both are promising to build more houses – Labour at 1.5 million and the Conservatives at 1.6 million. Labour is focusing on building more affordable housing, prioritising first-time buyers, and reforming planning to speed things up.
Both parties have pledged a permanent mortgage guarantee scheme, but the Conservatives have gone further. They’ve suggested cutting stamp duty on homes costing up to £425,000 for first-time buyers, introducing a new Help-to-Buy equity loan scheme – offering up to 20% towards the cost of a new-build, and a temporary two-year capital gains tax holiday for landlords who sell to tenants.
Neither of the main parties mentioned the Lifetime ISA in their manifestos. However, it still offers a vital leg-up onto the property ladder. An estimated 11% of first-time buyers with a mortgage used a Lifetime ISA to get onto the property ladder in the most recent year we have data for (2022-23).
It can be a game-changer, because the first £4,000 a year you put towards your deposit is boosted by a £1,000 bonus from the government. You need to be aged 18-39 and have at least a year between when you initially open the LISA and when you buy, but if you qualify, you could get money from the government towards your deposit. In 2023, among HL LISA clients, the average bonus was £747 during the year.
However, the policy that would be most likely to make younger people vote for a party is better support from state benefits, and neither of the main parties are committing to more generous payments. Both are pledging reform, designed to get more people into work. However, as part of that the Conservatives are suggesting cuts of £12 billion a year.”
