The post-boomers are going to take advantage of the largest “legacy boom” of the entire post-war generation, but it will be too late to solve the housing struggles and the inequality of wealth, a report said.
Those who have parents and grandparents of the baby-boom generation will be left of the records of wealth, of the Resolution Foundation, said.
But they will have to wait until, on average, at the age of 61 years, he suggests.
The think tank defines the millennials as those who are between the ages of 17 to 35.
The Resolution Foundation, said that the inheritance was more than double over the next 20 years, and this will be at its maximum in 2035, the more often great wealth of the baby boomers progress in age.
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Nearly two-thirds of young adults have parents who own property, which they can get a share of the future, the report said.
By comparison, only 38% of adults born in the 1930s received an inheritance.”No miracle solution”
The report also noted that millennials were two times less likely to own their home at 30 as the baby-boomers have been.
Laura Gardiner, senior policy analyst at the Resolution Foundation, said: “the Older generations have benefited greatly from a significant increase in the wealth of households in great Britain in recent decades.
“While the boomers have done much less well in the accumulation of their own assets, they are likely to benefit from an inheritance boom in the coming decades.
“It is probably very good news for those who are post-boomers, some of whom are from disadvantaged backgrounds who, in the past, would have been unlikely to receive bequests.
“They have the chance to benefit from the chance of the baby boomer generation.”
But she said that the inheritance was not “the miracle solution” that will allow you to get the production on the scale housing or to address the rising wealth disparity in society, as it is unlikely to come in when they are trying to buy a family home.
25-year-old, Rachel Hosie, a lifestyle writer for the Independent, says the project of the inheritance boom is not much of a comfort to her generation.
“We have debts, we don’t have guaranteed pensions, and we have had difficult financial times at the entrance in the world of work.
“We have been truly said, for many of my generation, that if we were ambitious and worked hard and then we would like to get a good job after you studied hard, then we’d earn money and be able to buy a house and settle down – and we would like to have this life that we have seen a lot of our parents have, and now we have trouble,” she said.
However, Cari Rosen – who is the editor of Gransnet, an online community for more than 50 years, said the report misses an important factor.
“Half of women and one third of men are going to have to pay for care at some point. And, in fact, one person in four who pays for the care to be short of money,” she said.
“So, we told our own millennium, it may well be just for you,” she added.
She said: “of course, we want to give our children an inheritance, the thought that what we’ve worked really hard to not go to our children to help them in their life is really terrible – but we don’t know and there is no way to prepare or insurance.”
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