Four-in-ten millennial families at age 30 live in the private rented sector, four times the rate for baby boomers when they were the same age. This rise in private renting means that young adults face greater housing insecurity than previous generations did.


Millennial families are only half as likely to own their home by age 30 as baby boomers were by the same age.


Adults aged under 45 have slightly less space than they did two decades ago, whereas over 45s have more. And young adults are commuting longer distances: millennials are on track to spend 64 more hours commuting in the year they turn 40 than the baby boomers did at that age.


TOTAL HOUSEHOLD FINANCIAL LIABILITIES, BY TYPE (£ BILLION) Great Britain July 2010 to June 2016


(EXCL STUDENT LOANS)


ALL LOANS


STUDENT LOANS FROM STUDENT LOAN COMPANY


CREDIT CARDS


HIRE PURCHASE OVERDRAWN CURRENT ACCOUNTS


MAIL ORDER STORE CARDS


0 10 JULY 2010 TO JUNE 2012 20 JULY 2012 TO JUNE 2014 30 40 JULY 2014 TO JUNE 2016 50 £ BILLION


30%


There has been a 30% increase between 2000-02 and 2012-14 in the proportion of adults who own multiple properties, rising 1.6 million to 5.2 million people (one in ten adults) in that period


Multiple


homeowners are most likely to be baby boomers,


the group born between 1946 and 1965 and currently aged 52-71. Boomers account for half (52%) of all the wealth held in additional properties, with far higher additional property asset levels than those now in their seventies and eighties had at the same age.


Total aggregate debt of all households in Great Britain was £1.23 trillion in July 2014 to June 2016 (a 7% increase from July 2012 to June 2014), of which £1.12 trillion was mortgage debt (6% higher) and £117.0 billion was financial debt (15% higher).


TOTAL HOUSEHOLD DEBT, £BILLION


July 2010 to June 2012


July 2012 to June 2014


July 2014 to June 2016


0 200


In July 2014 to June 2016, 66% of employees were actively contributing to a private pension scheme compared with 25% of self-employed, with median current pension wealth for employees being £33,000 compared with £21,000 for the self-employed.


400 600 800 1,000 1,200


Of those with financial debts, 9% also indicated that they found these debts to be a


“heavy burden”, 21% that it was somewhat of a burden and 70% that it was not a problem at all.


60 40 20 0 16 to 24 25 to 34 July 2010 to June 2012 35 to 44 45 to 54 July 2012 to June 2014 55 to 64 65+ July 2014 to June 2016 %


NUMBER OF ADULTS WITH FINANCIAL LIABILITIES BY AGE GROUP Great Britain, July to June 2016


Nearly six-in-ten (59%) landlords are found in the South West, South East, East of England and London, which are also the areas where incomes and average wealth are highest.


Generation X – born 1966 to 1980 and currently aged 37-51 – accounts for a further quarter (25%) of additional property wealth.


£


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