Baby boomers are the wealthiest Brits

4 June 2013

Wealth is highest among 45-64 year olds in Great Britain, official statistics show, offering further evidence that the baby boomer generation has benefited from one of Britain's most prosperous periods.

Figures from the Office for National Statistics also reveal that over-65s remain well-off, on average, but families with young children and young adults are feeling the strain more than ever in the wake of the recession.

The share of the population living in households with wealth greater than £500,000 is 43% for 45-64 year olds, 31% for those aged 65 and over, and 17% for 25-44 year olds.

Baby boomers are generally defined as people over 50. They are widely regarded to have benefited from the post-WWII boom in Western economies in the last 50 years.

Today, location remains a key factor in determining household wealth, the ONS said. For example, nearly half of all pensioners (44%) in the South East live in a household with net wealth greater than £500,000 but that figures drops to 21% for pensioners living in the North East.

Additionally, 28% of adults aged 45-64 in the South East live in households with wealth greater than £1 million, compared to only 14% of their peers in the North West.

But it's not all rosy in the South East. The ONS analysis also reveals that 22% of children in the region live in homes with net wealth of less than £50,000, and in London that figure jumps to 41%.

Meanwhile, the average UK family with two children will be around £1,800 a year worse off by the next General Election in 20xx, according to the Institute for Fiscal Studies.

In 2007-08 the typical family had household income after tax of £664 a week, but by 2015-16 it is forecast to receive £630 a week as a result of benefit cuts, rising taxes and sluggish pay growth.

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