Yes, I think the spectre of good old-fashioned British class struggle it's what's looming behind a lot of this.
Of course, older people are more likely to be wealthier for a variety of reasons. They've had more time to accumulate wealth. Property was cheaper relative to salaries. Changes to job security and working conditions seem (though I'm open to evidence) to be particularly disfavourable to people entering the job market a the moment, largely because unions haven't recovered from the hammering they took under Thatcher, and the welfare state is crippled after a decade of austerity.
There's also the fact that poor people die younger, so the boomers and generations above them that are still around are more likely to have come from better-off backgrounds in the first place.
As far as I see it, the only sustainable solution will be to reinstate serious redistribution of wealth to reduce inequality, while simultaneously ensuring a sufficient social safety net such that one's exact relative position in society doesn't determine access to food, shelter and medical care.
It's perfectly possible, as shown by a lot of other countries in Europe. But the impoverished working-class majority of the UK needs to stop being so fragmented into young and old, town and country, leave and remain, Anglo-Saxon versus Celtic, immigrant versus 'native' and so on and so on. The fundamental division is between workers and rent-seekers, but only Labour seems to be making that explicit and they don't seem to have found the right messaging to convince the unconvinced.