A new study says today’s young people in the UK will be poorer than their parent’s generation.
The study conducted by the Institute for Fiscal Studies (IFS) noted that based on the rate in which wealth grew between 2006-08 and 2010-12, today’s generation of Britons will be poorer than their parents’ generation.
The UK suffers from huge levels of wealth inequality, with 9 percent of households having no assets at all while 5 percent are worth more than £1.2 million, the study also showed.
Those on the lowest incomes, the poorest 1 percent, have negative net wealth of £16,000, meaning their debts are higher than any assets they own.
Meanwhile the richest Britons, constituting the top 1 percent, have assets worth over £2.4 million, it found adding seven out of 10 households own their home outright or had secured them with a mortgage, while three out of 10 live in rented property.