Were you born in the early 1980s? Then warning: this latest report is going to depress the sh*t out of you.
People born in this decade are half as wealthy as those born in the 1970s were at the same age—roughly early 30s—a new study by the Institute for Fiscal Studies has found.
The research, which analyzed housing, financial, and private pension worth, showed that those in their early 30s have an average wealth of $35,000 each, while those born in the 1970s had approximately $69,000 to enjoy at this age.
It also highlighted a growing problem among the early 30s, who struggle to contribute to a pension and save to buy property while also paying high rent prices.
According to the study, 40% of 30-year-olds owned their own home, compared to 55% of people born in the earlier decade. Andrew Hood, the author of the report, said this was down to the recent recession, which hit young adults the hardest. Limited access to beneficial pension schemes is also to blame.
"It looks like those born in the early 1980s are likely to find it harder than their predecessors to build up wealth in housing and pensions as they age," Hood said.
"They have much lower home-ownership rates in early adulthood than any other post-war cohort, and—outside the public sector—have much less access to generous defined benefit pension schemes than previous generations did at the same age."
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