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Millennials to become the wealthiest generation ever - claim

Millennials, long seen as a financially disadvantaged generation, are on the brink of becoming the wealthiest generation in history thanks to a substantial transfer of wealth from parents. 

That’s the claim from Senior Capital, a later-life finance company. It says this transfer, estimated to be over £2.5 trillion tied up in property assets, will reshape society and investment trends in the future. 

The company makes the assertion having analysed Savills data ‘which shows a stark contrast in property equity and debt between age groups.


This shows over-65s having £2.588 trillion in property equity, and only £147 billion in mortgage debt, compared to £1.058 trillion of equity and £676 billion of debt for those aged 35 to 49, and £306 billion of equity and £317 billion of debt for younger adult groups. 

However, Senior Capital claims that the cost-of-living crisis has had a highly detrimental impact on pension contributions, with 35 per cent of adults surveyed claiming they are currently unable to fund their future retirement.

With household disposable income per head predicted to decline by 1.5 per cent according to the Office for Budget Responsibility in 2024, some 32 per cent of those surveyed say they have halted personal contributions to their pension pot. 

Senior Capital’s research additionally found that the financial strain associated with the increasing cost of living has forced 21 per cent of individuals to postpone retirement and continue working, fearing they lack sufficient funds in their pension pot. Some 25 per cent are reporting that their greatest mental health burden stems from worrying about funding retirement while 37 per cent express “profound anxiety” about their quality of life diminishing.

The company adds that some six million people have below 40 per cent of their median income after housing costs. Additionally, almost two-thirds of adults in poverty live in working households, marking an increase from the previous year. 

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  • icon

    Well some of them might inherit some wealth in due course, but at the minute this can all be eaten up by nursing home fees, so you have to hope your relative never goes into a home sadly.

  • Sarah Fox-Moore

    I doubt Millennials will be the wealthiest generation for many reasons, not least of which the cost of care for their elders will decimate their potential inheritance and IHT will take the vast majority of the rest.
    Utter twaddle.

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    • S S
    • 01 March 2024 10:22 AM

    And of course - minus £650K and 40% of all wealth is taken in IHT - mainly affects the wealthiest except the really wealthy who can most afford it, have schemes to legally avoid paying IHT.

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    No they won't . Any money passed to them will be taxed to oblivion. Middle England continues to be 'rinsed' in all directions.

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    Depends when and how money is passed to them.
    If people wait to die before wealth is distributed the IHT bill will be horrific for some. Assuming they haven't used loads of money for old age care.

    Shovelling surplus income towards other generations seems to be gaining traction as a way of minimising IHT. Whether it will be Millennials or Gen Z who benefit the most remains to be seen. There's very little point in leaving a decent inheritance to someone who is on the verge of retiring just so it can be hit with another slice of IHT in a few years time.

    I'm quite a fan of contributing to other people's SIPPs, especially grandchildren. It's a regular payment, so immediately outside the scope of IHT and by the time they're able to claim the money I won't be around to see if they waste it. My husband is more in favour of paying for courses and activities for the grandchildren when they're the right age to do them. He wants them to have the skills to be able to grab whatever opportunities come their way.

  • George Dawes

    I’ve inherited millions of pounds of super prime central London property but I’d happily give it all back to get my wonderful parents back

    Money does not bring happiness I can assure you


    I feel exactly the same, George.


    I think most of us would agree, George. You cannot replace your parents and, as you get older, they are missed more and more, especially when you have no children to inherit from you.

  • Catherine Fiona Henshaw-Brett

    How kind. Our parents and grandparents worked hard to provide for our security. Money does not equal happiess.
    Family disitergration fallouts over money. Who gains? The third parties the tax person the world is evolving and we are oly here for a short time. We will meet again.

  • icon

    Jo Westlake,
    Your making a lot of sense.


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