Increasingly, the answer looks to be down to whether your parents can throw some money at the issue – of which there is a not insignificant amount coming down the pipeline.
The boomers in question aren’t all titled aristocracy or posh landowners. Many of them will be solidly middle-class types who have benefited from free university education and defined pension and benefit plans and hopped on the property ladder before prices skyrocketed.
They might need to remortgage the place to pay for social care fees or private medical bills. What if your siblings start squabbling over the inheritance like crabs in a bucket? That jackpot might get tied up in legal proceedings and necessitate the intervention of costly lawyers.
Just kidding – sort of. For many people of my generation, it’s considered déclassé to even mention the fact that you might come into some family cash. But given that an additional half of British boomers own more than £500,000 in assets, there are a lot more millennials who stand to receive a windfall than you might think.
They helped their kids buy homes, now the bank of Mum and Dad could face financial ruin
Read MoreAccording to a survey from Saltus, a wealth management firm, nine out of 10 older respondents with more than £250,000 in assets are now stumping up financial assistance for their adult children and grandchildren, even when it comes to less big-ticket expenses such as energy bills and university fees.
Modern Britain has been dubbed an inheritocracy by scholars like Eliza Filby – a place where merit and hard work no longer applies as long as you have the safety of a parental net. You might as well call it a necro-inheritocracy. While working on her book on the subject, Filby interviewed a woman whose parents and parents-in-law are now in their 70s: “In 10 years’ time, we’re going to have more money than we know what to do with. It’s morbid, but it’s true.”
It’s ghoulish, I know – but it just goes to demonstrate how economically precarious life in the UK has become. As my comedian friend bleakly puts it, we’re a generation dependent on another dying out just to feel a little more financially stable.
Zing Tsjeng is a journalist, non-fiction author, and podcaster
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