How your date of birth may be the difference between rich and poor

BABY BOOMERS

BORN between 1946 and 1965, married in your 20s and a homeowner by 25. Mortgage free in your 50s, with the help of an inheritance. Enjoyed house price inflation of more than 250 pc over the past 30 years. Endured double-digit inflation in the Seventies and early Eighties. Rebuilt your savings when your children flew the nest after university. Built up a generous so-called defined benefit workplace pension, guaranteeing a fixed income for life. Plan to maintain lifestyle, travel and help out children and grandchildren in retirement. Facing the prospect of paying for long-term care.

GENERATION X

BORN between 1966 and 1980, married in your mid-20s, a homeowner just before you turned 30. Mortgage-free not long before retirement. Cashed in on the property boom but the financial crisis and recession damaged equity built up in your home. Contributing to a workplace pension but the cost of raising a family has made saving difficult. Credit cards and overdrafts help to make ends meet. Plan to work later in life and inherit money in your late 50s to fund your retirement. Struggling to financially look after both children and parents.

MILLENNIALS

BORN from 1981 to 2000, highly educated, but student debt hampers your ability to save. A homeowner in your early 30s, it costs you more than five times your salary to buy a house. Likely to be self-employed or have a zero-hours contract, so your income, although substantial, is unstable. Parents will pass down property wealth — but probably not until you have retired. Buying a house is your biggest financial concern. Budgeting and savings apps help you set money aside for a deposit. Building up your pension is important but you are not sure how best to save for retirement.