Menu
  • Home
  • Blog
  • LBC Interview on Millennial Inheritance Boom

Subscribe

LBC Interview on Millennial Inheritance Boom

Recent research conducted by the Resolution Foundation suggests that Millennials are set to enjoy the biggest inheritance boom of any post-war generation. I was kindly invited on to Andrew Castle’s LBC breakfast show this morning to discuss the findings, and what benefits this might bring for those currently in their 20s and 30s.

Inheritance Boom

What’s fascinating about the research is that it recognises that due to an increase in life expectancies, the most common age at which Millennials will inherit from their parents will be 61. This, of course, is great for those who are worried how they’ll pay for their children’s university fees, and what they’ll do for a pension when they retire - it may even allow an early retirement in some cases.

The research notes:

“The Foundation’s analysis finds that the large sums of wealth accumulated by older generations will provide a major boost to younger generations’ wealth accumulation and living standards in years to come. Inheritances are set to more than double over the next two decades and peak in 2035, as the generally high-wealth baby boomers – who currently hold more than half of Britain’s wealth – progress through old age.”

Can’t Come Soon Enough

However, for many, this financial support will come too late for what Millennials currently struggle with the most - purchasing their first property. I have noticed over the years that clients in their 20s and early 30s put a lot of pressure on themselves to get on to the housing ladder, as they struggle to save enough for a deposit. Prices are increasing but wages aren’t.

It’s also well documented that still living at home with parents, or flat-sharing, can contribute to a Quarter Life Crisis because the individual craves independence and the opportunity to lead an adult life, but is not able to financially. They also compare themselves to what their parents were able to secure at their age - a house, marriage, children, steady wage and pension, stable career - and sometimes feel inadequate, as they are often nowhere near the same things at the same age. No wonder Millennials are becoming known as the Peter Pan Generation - there’s little opportunity to ‘grow up’ and become financially independent adults.

Radio Interview: The Blame Game

This was the second time I’ve been interviewed for LBC. Andrew Castle was very friendly. However, it was a shame that the topic turned in to a bit of a blame game - Millennials versus Baby Boomers. When it comes to topics related to Millennials, it often does. Both generations think they are/were worse off. Andrew asked whether perhaps Millennial expectations were too high, that perhaps in this day and age, it’s not always realistic to expect to own a property etc.

I prefer to stay with the original focus of the interview - that Millennials are set to benefit from the biggest inheritance boom of any post-war generation. That’s a good thing, I’d say. I look forward to turning 61!


Recent Articles:

Categories:

This was my first time trying something like Life Coaching; I did not ever feel the need or think I ever would. However, after a very tiring period at work I realised I was not myself, not enjoying work and finding my own life difficult for various reasons plus, I felt I had no confidence anymore. I found the coaching gave me time to look at myself, the situation, what I needed to change, remember how to break things down into more manageable pieces, plan my own time correctly to ensure I give quality time to what is most important. I quickly found my confidence came back as I developed through the coaching process and found Alice to offer both a very professional and personalised service which I would certainly use again.

Retail Manager
Alice Stapleton

About Alice

Alice coaches those who want to change career but don’t know what they want to do instead. She offers Career Coaching designed to help graduates, early to mid-level career-changers, and parents returning to work gain a clear vision of what career is right for them, and how to achieve it. She is also a qualified Coach Supervisor.