Politics

This Is The Leg Up Young People Get If They Have Rich Parents

Young adults with the richest parents are typically around six times as wealthy themselves as those who come from the poorest families, according to analysis.

The Institute for Fiscal Studies (IFS) explored the impact that wealthier parents have on transferring economic advantages on to their children in the UK.

By the time they were in their 30s, people born in the 1970s and 1980s, with parents in the wealthiest fifth in their generation, had average net wealth of £107,000, the think-tank said.

This was around six times the £18,000 held by those with parents in the poorest fifth in terms of wealth. The figures exclude pensions wealth.

The IFS’s findings suggest that the link between young adults’ wealth and that of their parents is stronger than the influence that parents’ earnings has.

Even among those whose parents have the same levels of earnings and education, people with wealthier parents tend to earn more, the IFS said.


Most Related Links :
Business News Governmental News Finance News

Need Your Help Today. Your $1 can change life.

[charitable_donation_form campaign_id=57167]

Source link

Back to top button