Why you're less likely to get rich these days if your parents aren't already wealthy

By Tom Wernham, Research Economist, Institute for Fiscal Studies

Improvements in living standards over generations have been taken for granted in recent history, but these days young people are looking worse off than their parents in one major area: wealth.

Income and wealth have evolved at very different rates in the UK in recent decades, mostly due to sky-rocketing house prices. As a result, millenials and those in younger age groups are much less likely to be on the property ladder by their thirties than their parents. This has significantly restricted younger people’s prospects for future social mobility.

The last 60 years have seen…

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