Millennials are likely to enjoy the biggest "inheritance boom"

The_Abyss · 31 Dec 2017 at 00:20

That's exactly what lots of that generation do actually do.

dowie · 31 Dec 2017 at 00:26

Yeah, I'd assume plenty do and if more did so then that would only inflate the market further.

TallPaul1878 · 31 Dec 2017 at 00:37

They'll inherent nothing. All of that money will get spent on residential care as these boomers will live until 120

dowie · 31 Dec 2017 at 00:39

Moses said:
Are we going to quantify ‘lots’ and ‘plenty’?

Why?

terley · 31 Dec 2017 at 00:41

Don't believe it, baby boomers had record levels of debt.. very few actually paid it off.

dowie · 31 Dec 2017 at 00:50

Moses said:
Because otherwise the quoted statements are borderline meaningless/utterly uninteresting.

The statements were made in reply to statement that also wasn't quantified.

But if you like this article from last year puts it at approx 5 billion lent by the bank of mum and dad in 2016

https://www.ft.com/content/d89cff9e-4e92-11e6-8172-e39ecd3b86fc

Narj · 31 Dec 2017 at 00:50

No wonder so many millennials are posting on social media basically wishing their seniors dead after the Brexit vote. That's assuming they haven't been written out of the will after spitting venom at and lecturing their parents/grandparents about the way they [should have] voted.

PapaLazaru · 31 Dec 2017 at 00:51

OP has entitlement issues.

southernorth · 31 Dec 2017 at 00:54

TallPaul1878 said:
They'll inherent nothing. All of that money will get spent on residential care as these boomers will live until 120

A scary thought.

How will the economy work in 2 decades when the largest age demographic has likely retired? Or will it just be that no one retires...

https://www.ons.gov.uk/peoplepopula...es/articles/overviewoftheukpopulation/mar2017

The_Abyss · 31 Dec 2017 at 01:12

Average life expectancy has plateaued, for now at least, so at least the size of the problem is known. The problem will then either be solved by freezing or reducing the level of state pension payment paid to the retired generation, or by asking the then current working generation to contribute more to pay for it. Before they get their inheritances, of course...

The_Abyss · 31 Dec 2017 at 01:17

dowie said:
Yeah, I'd assume plenty do and if more did so then that would only inflate the market further.

It certainly would, and currently does too. What we need is sensible, targeted house building, aimed at the retired generations coupled with incentives to encourage them to move - removing stamp duty for over 67s on primary residences for example.

wez130 · 31 Dec 2017 at 02:38

I'll get naff all as my parents owned nothing. However, i've always grown up to appreciate things more and look after my stuff as i've worked hard to earn it. I'm 40 now and don't yet own a house, however, that will change within the next 12 months when i buy my first home with my wife here in New Zealand as i would like something to leave my children when i'm gone!

Amp34 · 31 Dec 2017 at 04:31

Stev said:
Burrow large sums of money in the hope of an inheritance in an undetermined amount of time? yeah, cant see anything wrong with this.

Also I’d love to see those banks offering mortgages of 5-10x people’s salaries so they can get those mortgages to be paid off by the inheritance in the first place.

Amp34 · 31 Dec 2017 at 04:33

Housey said:
Of course not, young people always get angry at the old people, it's life. One day they walk in those old peoples shoes and realise what the word perspective means, but until then angst and anger is their right of passage. Ever was it thus, ever will it be.

And conversely ever older generation has dispared at the younger generation. Your parents/grandparents will have been just as disparaging about your generation as you are about ours.

Amp34 · 31 Dec 2017 at 04:52

Tunney said:
Nope. Rather than rewarding those who work hard, it benefits those born to the ‘right’ parents and who’ve probably already had a head start in life.

If we want a meritocracy and a strong economy in this country then we need to tackle inter-generational wealth rather than encourage it.

Perhaps one solution is to change the death tax to an actual inheritance tax. Rather than tax the estate of the person that died, tax the inheritance received by each individual as a capital gain.

edscdk · 31 Dec 2017 at 05:06

Anyone expecting an inheritance don't forget if either parent ends up in a care home that's 4k a month that's gonna evaporate...

Vonhelmet · 31 Dec 2017 at 06:39

Amp34 said:
Perhaps one solution is to change the death tax to an actual inheritance tax. Rather than tax the estate of the person that died, tax the inheritance received by each individual as a capital gain.

What difference would that make?

RoboCod · 31 Dec 2017 at 06:49

sigma said:
This is basically a non-story.

It is a story. It's another basic story, about LabR@ts basic anger towards the younger generation. Which is ironic, given his 1st post.

TallPaul1878 · 31 Dec 2017 at 08:23

southernorth said:
A scary thought.

How will the economy work in 2 decades when the largest age demographic has likely retired? Or will it just be that no one retires...

https://www.ons.gov.uk/peoplepopula...es/articles/overviewoftheukpopulation/mar2017

Eventually I can see the state pension being done away with. You'll work to 70 and if you don't die on the job you'll be allowed to leave and go back on jobseekers for the rest of your life.

Either that or the young will revolt and eat the old.

Luckystrike123 · 31 Dec 2017 at 09:20

I saw this headline on BBC breakfast yesterday morning and it was interesting to compare the headline to the interview with the report author. The headlines made it sound like the millenials have it good as they are going to get loads of money for free, whereas the report author concluded that millenials have it bad due to poor earnings, high debt, expensive housing and poor pensions.

My wife and I each have two siblings so I guess our combined inheritance would be around £300k if no future care costs arise. However by the time we'd likely inherit I'd hope to have the house paid off and the retirement plan thoroughly sorted so it's not as though an inheritance would benefit us in any significant way.