One of the most striking phenomena is probably how quickly home ownership has become the preserve of older generations. According to the Institute for Fiscal Studies (IFS), “a record 80pc of those aged 65-74 now own their own home, compared with just 63pc in 1994.” Data from the accountancy firm PWC, shows that 71.8pc of the people within this age bracket also own their home outright, with no mortgage.
At the same time the incomes of over-65s’ households have risen. Official figures show that in 1994 the average 65-year-old household earned £10,660 net of tax and benefits. This has increased by 137pc to £25,272 in 2014. Meanwhile, the average 30-year-old household has also seen a rise in income, but to a much smaller degree. In 1994 the average 30-year-old household had income of £14,248 net of tax and benefits the equivalent 2014 household has income of £30,368, 113pc higher than 20 years ago.
Adding to the burden of people now in their late 20s and 30s is the cost of student loans. The average 30-year-old graduate in 2014 will still have £18,200 left of their loan to pay back. In 1994 student loans did not exist. If you want to see if you can redistribute some of your wealth across the family Enable’s independent financial advisors are here to help.
Issued by: Enable Independent Financial Life Planners 25c North Street, Bishops Stortford, Herts CM23 2LD Telephone: 01279 755950 - Fax: 01279 657339 Enable Independent Financial Life Planners is a trading style of Enable Independent Limited is authorised and regulated by the Financial Conduct Authority. It is important always to seek independent financial advice before making any decision regarding your finances. If you would like any assistance, please contact us. NOTHING CONTAINED IN THE ARTICLES SHOULD BE CONSIDERED AS GIVING INDIVIDUAL FINANCIAL ADVICE
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