Those aged over 40 'are facing a triple whammy of meagre pay rises, inadequate pensions and soaring property prices'
People born in the 60s and 70s will be the first generation since the Second
World War to be poorer than their parents when they retire.
Workers over 40 face a triple whammy of meagre pay rises, inadequate pensions and soaring property prices, says an Institute for Fiscal Studies think tank.
Many have only minimal savings and their only hope of a comfortable retirement is an inheritance from mum and dad.
The report says: "The economic fate of the 60s and 70s cohorts may be relatively dependent on the fortunes of their parents."
Just 28 per cent of people born in the early 40s had, or expect to have, an inheritance, but for those born in the 70s the figure leaps to 70 per cent.
Household finances have also taken a battering in the past decade.
Overall income has risen just 0.1 per cent a year – a fall in real terms when inflation is taken into account.
Mirror
Workers over 40 face a triple whammy of meagre pay rises, inadequate pensions and soaring property prices, says an Institute for Fiscal Studies think tank.
Many have only minimal savings and their only hope of a comfortable retirement is an inheritance from mum and dad.
The report says: "The economic fate of the 60s and 70s cohorts may be relatively dependent on the fortunes of their parents."
Just 28 per cent of people born in the early 40s had, or expect to have, an inheritance, but for those born in the 70s the figure leaps to 70 per cent.
Household finances have also taken a battering in the past decade.
Overall income has risen just 0.1 per cent a year – a fall in real terms when inflation is taken into account.
Mirror
