Millennials set for ‘inheritance boom’… but not until the 2030s
February 1, 2018
A new report from think-tank, the Resolution Foundation, predicts that so-called ‘millennials’, those aged between 17 and 35, will receive the biggest inheritance of any post-war generation from their baby boomer parents and grandparents.
The think-tank estimates that the average value of inheritances will more than double over the next two decades, peaking in 2035. By this point, the average age of beneficiaries would be 61.
In contrast, only approximately one in three adults born in the 1930s received an inheritance.
According to the Resolution Foundation, around two in every three young adults have property-owning parents.
Thirty-year-olds today are only half as likely to own their home as baby boomers were at the same age.
Laura Gardiner, senior policy analyst at the Resolution Foundation, said: “Older generations have benefitted hugely from the big increases in household wealth in Britain over recent decades.
“While the millennials have done far less well in accumulating their own assets, they are likely to benefit from an inheritance boom in the decades ahead.
“This is likely to be very welcome news for those millennials, including some from poorer backgrounds who in the past would have been unlikely to receive bequests.
“They have the good fortune to benefit from the luck of the baby boomer generation.”