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People in their early 30s, who were born in the early 80s, have an average net household wealth of £27,000, half of £53,000 that those born in the 70s had at the same age.
Research by the Institute for Fiscal Studies (IFS) on household wealth and total income among generations found that those born in the early 80s will face challenges when it comes to building wealth in housing and pensions when compared to previous generations.
The report also found:
Andrew Hood, research economist at IFS, said:
“Sharp falls in home-ownership rates and in access to generous company pension schemes, alongside historically low interest rates, will make it much harder for today’s young adults to build up wealth in future than it was for previous generations.”
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