Younger generations are set to inherit more money than previous generations, according to research published by the Institute for Fiscal Studies (IFS).
The data revealed that between 2002/03 and 2012/13, the wealth of the older generation increased by 45%. The think tank suggested that this could have been due to an increase in home ownership and rising house prices.
As a result, more money than ever before may be passed down to younger generations.
However, the IFS warned that the amounts that young people receive will be ‘unequal’; due to the fact that the richest half of elderly households currently holds 90% of the wealth.
Commenting on the matter, Paul Johnson, Director of the IFS, said: ‘About half of people will inherit little or nothing, whereas the other half are going to inherit quite a lot.
‘And that will matter increasingly as younger people are not able to get on the housing market themselves, and not accumulating occupational pensions.’