The older groups also recorded sizeable increases in pension wealth. The mean net property wealth in this group fell from £13,967 in 2010 to £11,450 in 2019 (although the median was £0 in both years), while in the 40-64 and 65-plus groups there were large rises.
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Property ownership is the key driver for the gap, with under-40s more likely to be renting for longer than previously or owning homes that have not gone up in value as much as larger properties. The ILC data is based on analysis of figures from the Office for National Statistics, and the wealth being measured includes the value of property, private pensions, savings and investments, and any other valuables.ĭuring the period the figures cover, all age groups had to contend with a squeeze on wages and financial strains caused by the Covid pandemic, but older generations have seen their wealth grow. Those under-40s have already been identified as facing the biggest hit from rising mortgage rates, and last week a study by the financial advice firm Hargreaves Lansdown found that almost a third of 18- to 34-year-olds had stopped or cut back on their pension contributions in order to save money. Over the same period, the proportion of under-40s fell from 50.6% to 49.5%. While that figure was low, a decade later it had plummeted to £3.98.
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