Millennials are set to be the 'richest generation' ever, according to a new report, but only when their parents and grandparents die.
Thinking about what will happen when your parents pass away is a sombre thought, especially if you and your children are particularly close to them. While a millennial's upbringing might be very different to how they are choosing to raise their own kids, the difference in wealth of millennials compared to their parents and grandparents can be just as stark. For baby boomers (those born between 1946 and 1964), getting on to the property ladder was much easier than it is for millennials - UK property prices have risen by 158 per cent over the last 50 years, according to mortgage lender Together, and the average age of first time buyers was just 27 years old 50 years ago, compared to 34 years old today. In fact, according to reports, 20 per cent of millennials rely on their parents to provide them with a house deposit to get on the ladder in the first place. But a new research suggests that the financial struggle faced by millennials could shift in the next 20 years.
