Millennials in line for record inheritance

Millennials who have 'baby boomer' parents or grandparents are set to receive record sums of inheritance, according to a report.

Research for the Resolution Foundation suggests that millennials, those born between 1980 and 2000, will enjoy the largest inheritance boom since the end of the Second World War in 1945.

The thinktank cites that 'baby boomers', classed as those born between 1946 and 1965 , currently hold more than half of Britain's wealth.

According to the research, inheritances are set to more than double over the next 20 years before peaking in 2035.

However, they are unlikely to arrive soon enough to address generational home ownership and wealth gaps.

Laura Gardiner, senior policy analyst at the Resolution Foundation, said:

"Inheritance is not the silver bullet that will get a whole new generation on the housing ladder or address growing wealth gaps in society.

"Even for those millennials who will receive a bequest, it's unlikely to come when they're coupling up, having children and trying to buy a family home when the extra wealth would be much needed, but as they approach retirement instead."

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