The Nuffield Foundation's latest audit has found that the wealth gap has widened over the period of the pandemic, and although the active job market is helping those in their '20s and '30s, wealth has increased for the over '50s with no equalisation for the younger generations.
The bank of mum and dad, already active prior to the pandemic will need to open its doors more widely to help the young to step on to the housing ladder.
Legal advice should be sought to ensure succession planning is in place to avoid assets being depleted by inheritance tax on death. Lifetime gifts, whether outright or protected in trusts or family companies, coupled with a well structured will, should help the lucky generation secure their assets for the next generation.
OUT TODAY: Our 130-page Intergenerational Audit - funded by @NuffieldFound - finds that the second half of the pandemic has seen the generational jobs gap close, but the generational wealth gaps widen. Read more here: https://resolutionfoundation.org/publications/an-intergenerational-audit-for-the-uk-2021