With inheritance about to divide millennials into haves and have-nots, solidarity comes at a price | Elle Hunt

A wealth transfer is under way, driven by legacies and parents ‘giving while living’. Will young recipients still care about the less fortunate?

The millennial generation, we’ve long been told, is also generation rent: prevented from buying a home of their own, and growing their wealth with it, by an unfavourable economy or too much avocado toast, depending on who you ask.

The stats are by now familiar, but dismal nonetheless. The rate of home ownership has plummeted due to coalescing crises of pricing and supply. In 2017, 35% of 25- to 34-year-olds were homeowners, compared with 55% in 1997; the issue has only worsened in the half-decade since. In 2022, just 10% of homeowners in England were aged under 35.

Continue reading...

from The Guardian https://ift.tt/DumFRi8