06 January 2017
The future wealth of young adults is more likely to depend on how well-off their parents are compared to previous generations, a new report suggests.
According to the study from the Institute for Fiscal Studies (IFS), it will be harder for young people to generate their own wealth than it was for previous generations of adults.
Generally, young adults are more likely to receive some kind of inheritance, the IFS noted. But it added that this process is set to be "highly unequal", with those already well-off on course to inherit the most.
Elsewhere, the study said 72% of elderly households containing people aged 80-plus now expect to leave an inheritance behind. That compares to a figure of just 60% a decade ago.
And younger people feel they are more likely to inherit assets, with 75% of those born in the 1970s hoping to get something, compared to 61% of people born in the 1950s.
This article was written by the Press Association, for Legal & General. Please note the views expressed in this article are not necessarily the views of Legal & General and its group of companies.
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