The article highlights the substantial wealth gap between generations in the UK, particularly the significant difference between older and younger generations. The median wealth in Britain is just under £300,000, but this varies greatly depending on age.
Households aged 65-74 are accumulating wealth at the fastest rate, possessing assets 33 times greater than those aged 16-24 (Generation Z). A considerable portion (29%) of those aged 55-64 hold over £1 million in wealth, largely due to strategic property investments and consistent savings.
The article attributes the wealth accumulation of older generations to factors such as early property investments and regular contributions to pension plans, enabling comfortable retirements.
The article concludes by offering interactive tools to compare personal financial health against peers, based on factors such as income, property holdings, assets, and overall household wealth.
It’s been a rough few years for our finances, but not all generations have been stricken to the same degree.
Even before the cost-of-living crisis took hold, a typical household in Britain was barely better off than it was in the recent past. Overall wealth increased by just 0.5pc in real terms between 2020 and 2022.
Total median wealth is just under £300,000, according to the Office for National Statistics (ONS), taking into account savings and investments, property, assets and pensions.
But this figure ranges from as low as £15,000 to beyond £500,000 depending on age.
Households aged 65 to 74 are getting richer at the fastest rate of any generation, and are sitting on nest eggs worth 33 times that of those aged 16 to 24 in Generation Z.
Almost a third (29pc) of those in the final decade of their working lives, aged between 55 and 64, had over £1m in wealth.
Many will have crossed this threshold by investing in property at the right time (or simply many years ago), contributing religiously to their savings and building up a pension allowing them to retire comfortably.
So how do you fare relative to your peers? Are you wealthy for your age? Use our interactive tools below to find out how you compare on financial health, property holdings, physical assets and then total household wealth.
The household age is calculated by taking the highest earner, homeowner or oldest member.
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