'Good luck' for Baby Boomers driving generational wealth divide

The generational divide that has made many older Australians far more financially comfortable than their younger counterparts has been driven primarily by good luck, according to a new report by AMP examining the levels of intergenerational wealth inequality.

The report says Baby Boomers are currently the wealthiest generation in the country, with an average household net worth of around $1.6 million by 2019-20, well ahead of Gen X ($1.1 million) and Millenials ($500,000).

It said that divide has been caused by good fortune for Baby Boomers in the form of a four-decade decline in interest rates and a chronic housing shortfall that has pushed up home prices.

Know More: https://www.9news.com.au/finance/generational-wealth-divide-australia-baby-boomers-wealth-good-luck-amp-report/38f85586-52ca-4b9b-9538-e5fd42d9d738