Millennials in Britain should receive a one-off payment of £10,000 ($13,500) as soon as they turn 25 to help heal the "broken" intergenerational link between young and old, according to a prominent think tank.

A "citizen's inheritance" could boost the economic and social prospects for young people in Britain, said the Resolution Foundation's report, authored by top business leaders, trade union bosses and journalists and published Tuesday.

More than six in 10 millennials in their late 20s in the U.K. would find their wealth almost doubled in receiving £10,000, "enough to fund a master's degree or significant retraining," the report said.

The foundation said that additional inheritance payments should be offered to older people, starting with those turning 35 in 2020.

It recommended that the British government should tax pensioners more to fund the National Health Service (NHS) and address the imbalance of living standards between young people and older generations.