Why Do Wealthy Parents Have Wealthy Children?

The gap in wealth between those at older and younger ages has been growing over time in the UK. Even before the economic effects of the COVID-19 pandemic, working-age generations had seen relatively low growth in their incomes and wealth for more than a decade.

Previous research has demonstrated how people with higher-earning parents tend to have higher earnings. This IFS research, funded by the Economic and Social Research Council, shows that having wealthy parents is even more important when it comes to determining the wealth of younger generations.

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