£7 trillion is changing hands: what the great wealth transfer means for you

Over the next 30 years, an estimated £5.5 to £7 trillion will pass from one generation to the next in the UK.

It’s being called the great wealth transfer, the biggest financial shift in history, and it’s already happening. 

Whether you’re planning to pass on wealth or expecting to receive it, understanding what this means for you and your loved ones is essential. 

We explore what this means for you using the latest data, research and statistics.

What is the great wealth transfer? 

The great wealth transfer refers to the enormous movement of money, property, and assets between generations, typically from baby boomers (born 1946–1964) to Generation X (1965–1980) and millennials (1981–1996). 

In 2020, baby boomers controlled over half (52.5%) of the UK’s total wealth, about £5.1 trillion. As they age, this wealth will move to younger generations through inheritance, gifts, and estate transfers. 

But this isn’t just something for the future, it’s already underway. Inheritances currently total more than £100 billion each year, and this number is rising. 

What the great wealth transfer means for your generation

Using the latest data from Unbiased, here are the key things you need to know about the next wealth holders and sharers.

Baby boomers: planning a legacy 

• Many are financially comfortable, with 11% holding assets worth over £1 million. 

• Most commonly seek advice about pensions and retirement. 

• Feel concerned about the financial struggles their children and grandchildren face.

Generation X: caught in the middle 

• Make up the largest group of financial advice enquiries (29%) through Unbiased. 

• Often feel overlooked by financial services, despite juggling mortgages, careers, and family responsibilities. 

• Typically, seek help with retirement and financial planning. 

Millennials: ready to move forward 

• Despite lower wealth levels (only 3% have assets over £1 million), millennials are open and motivated to improve their financial future. 

• Top priorities include financial planning, pensions, and investments. 

• Many feel held back by high living costs, stagnant wages, and delayed life milestones like homeownership. 

How to make the most of the great wealth transfer 

Whether you're planning to pass on wealth or expecting to receive it, these practical steps can help you navigate the transition with confidence and clarity.

1. Talk openly with your family 

One of the biggest obstacles to smooth wealth transfers is silence.

If you’re passing money down or receiving it, start the conversation early to avoid stress later. 

2. Find the right financial advice 

Surprisingly, 59% of people seeking advice through Unbiased in 2024 were doing so for the first time. You don’t have to go it alone.

A good adviser can help you plan for the future, whether you're managing an inheritance or building wealth from scratch. 

3. Embrace digital tools 

For consumers today, across all generations, the financial advice journey starts online, searching, researching, and comparing advisers.

In fact, according to Statista, before buying anything, over half of UK consumers do research on the internet first.

Why it’s important to prepare now 

According to Unqork, up to 80% of people who inherit wealth end up changing advisers. Often, that’s because they don’t have a relationship with the person managing their family’s money. 

That’s why families must work together and plan for the future, not just financially, but emotionally and practically too. 

Seek expert financial advice

The great wealth transfer is changing the financial future for millions of UK families.

Whether you’re looking to protect your legacy or make smart decisions with new wealth, now is the time to plan ahead. 

Unbiased can find a qualified financial adviser tailored to your goals, generation, and circumstances.