Different demographics of people are more likely to work in certain occupations based on their cultural background and gender, figures show.
Generational wealth in the UK has been built for multiple generations with this generational knowledge being passed down between generations.
Being born outside of the UK may make it harder to get onto the wealth ladder. Those who have minimal links to the UK are much less likely to inherit wealth and this coupled with a lack of social networks is a real issue for many.
Lack of information
Family ties to wealth and having access to financial advisers is an invaluable tool.
Rather, various inequalities interact to form a complex relationship between wealth, race, class and gender. New channels of information, particularly via social media, will help to target the lack of information surrounding retirement planning.
Will the wealth transfer ever be equal?
A huge disparity exists in the accumulation of wealth among black and minority ethnic groups in the UK.
I fear the incoming great wealth transfer will be unequal, with some groups benefiting greatly from the move, while others will not experience it in their lifetime.
I hope industry professionals will do more to understand the inequalities within intergenerational wealth. Clear communication beginning from younger generations, and using effective language for the respective demographics, will be essential.
By increasing the diversity of their clientele and generating educational projects to tackle this gap, a brighter future will lie ahead.
Joy Brooks-Gilzeane is an intern with FTAdviser