Michael Johnson, associate fellow of Bright Blue and author of the report, said if the UK were accounted for as a public company, it would be bankrupt.
He said: "We need to put a brake on deferring costs that millennials in particular will otherwise have to meet.
"We need to tackle this ongoing perpetration of intergenerational injustice at source, through policies operating right at the heart of the legislative process that will arrest parliament's output of unfunded spending commitments and provisions."
Nicky Morgan MP, chair of the Treasury select committee, said Mr Johnson's proposal for intergenerational impact assessments will add a new dimension to scrutiny and debate.
She said: "Politicians should be open to having as much clarity as possible about the consequences of their spending decisions for future taxpayers."
Steve Webb, director of policy at Royal London, said decisions made by ministers today on everything from pensions to student funding and healthcare and government borrowing can have implications for decades to come.
He said: "Yet the tax and spend implications of Budget measures are only routinely reported in the Budget Red Book for the next four or five years.
"This gives ministers a huge incentive to adopt measures which bring forward tax revenue, even if they result in increased spending pressures on future generations of taxpayers.
"The intergenerational impact of policy measures needs to be properly assessed and discussed, especially in areas such as pensions policy."
Dippy Singh is a freelance journalist