Millennials to receive 'inheritance boom' - but it won't be enough to overcome housing crisis

Report finds windfall will not come for some decades and will still see today's young people fall short of previous generation

Young people between 17-35 will have to wait until the age of 61 on average to receive any inheritance (Getty/iStock)

Millennials are set to receive the biggest “inheritance boom” in decades, according to a new report that also warns the boost will not be enough to solve low home ownership and wealth inequality.

Older generations will provide a “major boost” to the living standards of millennials – defined as being aged between 17 and 35, according to the Resolution Foundation.

The think tank said inheritances were set to more than double over the next 20 years, peaking in 2035, as the generally high-wealth baby boomers progress through old age.

But the boon will likely not be enough to afford the younger generation with the kind of life their predecessors were able to build, the report found.

It found millennials will have to wait until the age of 61 on average to receive any inheritance.

The report also found nearly half of 20-35 year olds had no parental property wealth, making it unlikely the inheritance would be enough to help get themselves on the property ladder.

“Even those who can expect to get a share of parental property wealth will inherit too late to use this to support living standards during the expensive child-rearing stage,” the authors found.

Laura Gardiner, senior policy analyst at the Resolution Foundation, said: “Older generations have benefited hugely from the big increases in household wealth in Britain over recent decades.

“While the millennials have done far less well in accumulating their own assets, they are likely to benefit from an inheritance boom in the decades ahead.

“This is likely to be very welcome news for those millennials, including some from poorer backgrounds who in the past would have been unlikely to receive bequests.

“They have the good fortune to benefit from the luck of the baby boomer generation.”