Generations born since the 1960s are accumulating no more wealth than those born a decade before them. In the case of the 1980s generation, those in their early 30s actually have about 20 per cent less wealth on average than those born in the 1970s had at that age. This is a break from the pattern of sizeable generation-on-generation increases in wealth achieved by those born between the 1930s and 1950s.

Why has wealth accumulation stalled for younger generations? Are today’s young people profligate spendthrifts who are failing to save enough? The image of millennials munching on avocado toast, unconcerned with putting away some money for the future, has certainly gained currency. Policymakers are worried that today’s young won’t be able to enjoy the standard