According to a survey issued on Tuesday, Millenials are ‘shy capitalists’ who could be swayed to vote Conservative by lower taxes.
The research conducted by the centre-right think group Onward says that those aged 25 to 40 value equality above growth, but want to keep more of their own money.
The analysis, based on a poll of 8,000 people in the United Kingdom, also reveals that the millennial generation is not becoming more inclined to vote Conservative as it ages.
Millennials, those born before the millennium, make up 26% of the voters and are the largest demographic in 51% of parliamentary constituencies.
The report reads: ‘When asked whether governments generally should prioritise equality or growth, this cohort prefers equality – as do Generation Z.
But when asked whether they should keep more of their own money or pay more tax to support redistribution, they opt for lower taxes – similar to Boomers.’
It concludes: ‘The Conservative Party’s brand is particularly tarnished among 25-40 year-olds. Repairing it will require a focus on perception and policy.
‘All political parties have to make choices about what electoral coalition is the most viable and millennials might not be a core part of the Tories’ base now, but they will be in the future.’
Sebastian Payne, Onward director and one of the study’s authors, said: ‘Millennials are not becoming more Right-wing as they age, which is a serious long-term problem for the Conservatives.
‘More home ownership and better jobs are critical to winning back their support but so too are taxes.
‘They are ‘shy capitalists’ who prefer lower taxes instead of the Government redistributing their income.