Wealth of people in their 30s has ‘halved in a decade’

People in their early 30s are half as wealthy as those now in their 40s were at the same age, a report finds.

Today’s 30-something generation has missed out on house price increases and better pensions, according to research by the Institute for Fiscal Studies.

Those born in the early 1980s have an average wealth of £27,000 each, against the £53,000 those born in the 1970s had by the same age, said the IFS.

They will also find it harder to amass wealth in the future, it added.

The think tank found that people born in the early 1980s were the first post-war group not to have higher incomes in early adulthood than those born in the preceding decade.

“This is partly the result of the overall stagnation of working-age incomes,” it said. “But it also reflects the fact that the great recession hit the pay and employment of young adults the hardest (bbcnews)