That’s if they can afford to quit working at all. The World Economic Forum predicts that by 2050, when millennials in the world’s eight largest pension markets start to retire, the retirement savings gap will be $427tn. That’s more than six times the 2015 figure of $67tn. Driving this shortfall are things like longer life expectancy, the deceleration of a long-term growth environment and poor savings rates, coupled with low levels of financial literacy.

This doesn’t paint a hopeful picture for the future – but maybe there is a scenario that is not so bleak. Could a windfall from the richest generation – baby boomers – reverse the fortunes for millennials?

Shelter from the storm

Unlike millennials, baby boomers are the wealthiest generation in history – and will remain that way until roughly 2030.

According to a wealth transfer report by the Royal Bank of Canada, when this group passes on their assets to younger family members, analysts expect them to leave $4tn of wealth to millennials within the UK and North America alone. This ‘inheritance boom’ will position millennials who have baby boomers in their families to receive record sums of inheritance.