£100,000 inheritance for children of ‘baby boomers’

 Children of the “baby boomer” generation are set to inherit £100,000 each on average, analysis shows, although they will not receive the money until they are in their 60s.

On average people aged 55 to 64 have built up wealth of £250,000, the vast majority of which they are unlikely to spend, a report published by the Institute of Fiscal Studies (IFS) says.

The conclusion dispels fears that younger generations’ inheritance is likely to be squandered by their parents or eaten up in care fees. It will come as a relief to younger generations, who are suffering from economic misfortunes including high student loan repayments, low wages, high housing costs and relatively poor pension provision.

The IFS said baby boomers were unlikely to spend most of this sum, meaning it would be left. Based on each household splitting the sum between two children, each would receive more than £100,000.