Are you wealthy for your age?

It’s been a rough few years for our finances, but not all generations have been stricken to the same degree.

Even before the cost-of-living crisis took hold, a typical household in Britain was barely better off than it was in the recent past. Overall wealth increased by just 0.5pc in real terms between 2020 and 2022.

Total median wealth is just under £300,000, according to the Office for National Statistics (ONS), taking into account savings and investments, property, assets and pensions.

But this figure ranges from as low as £15,000 to beyond £500,000 depending on age.

Households aged 65 to 74 are getting richer at the fastest rate of any generation, and are sitting on nest eggs worth 33 times that of those aged 16 to 24 in Generation Z.

Almost a third (29pc) of those in the final decade of their working lives, aged between 55 and 64, had over £1m in wealth.

Many will have crossed this threshold by investing in property at the right time (or simply many years ago), contributing religiously to their savings and building up a pension allowing them to retire comfortably.

So how do you fare relative to your peers? Are you wealthy for your age? Use our interactive tools below to find out how you compare on financial health, property holdings, physical assets and then total household wealth.

The household age is calculated by taking the highest earner, homeowner or oldest member.

Financial wealth

Those aged between 65 and 74 saw the biggest increase in their household’s net financial wealth over the two years to March 2022, gaining £3,400 — equal to a 12pc rise in real terms. This increase was almost four times greater than for 25- to 34-year-olds.

In response to spiralling inflation, the Bank of England began raising interest rates in late 2021 – a move that greatly benefitted those with lots of savings and investments.

Well over a quarter of pensioner households (28pc) had over £100,000 in the bank, compared to just 9pc for younger millennials.

Property wealth

Property makes up the largest share of overall household wealth, at 40pc of the total. Those on the bottom third of the scale, however, have no property wealth to speak of.

As such, total wealth was more than 15 times higher for those who owned their property outright than for those who were renting, with their monthly payments accruing to their landlord’s wealth pot instead.

It was also 60pc higher than those who owned with a mortgage – which was, on average, £404,700.

A household’s property portfolio includes the main residence, as well as any land or homes owned in the UK or abroad. Outstanding mortgages are subtracted to arrive at net property wealth.

Older generations have benefited perhaps more in this category than any other. Half a century ago, a typical house cost just over £5,000, equivalent to around £50,000 in today’s money. That is far lower than the actual current average house price of £270,000.

Just under half of all pensioners (48pc) had at least £250,000 in equity, far more than the average for all ages, at 31pc.

Pension wealth

The swelling of pension pots was critical to the growth in overall wealth in recent years. Without them, median household wealth fell by 4pc in real terms from £189,000 to £181,700 during the pandemic.

Chancellor Rachel Reeves’s plan to bring defined contribution pensions into the fold of inheritance tax from April 2027 is likely to dampen this uplift in the near future.

The ONS calculates the value of pension wealth by excluding the state pension, but including all other accrued wealth.

It found the value of pension wealth peaked at £86,800 in the later years of people’s working lives, between ages 55 and 64.

The rate of drawdown is such that for over 75s, the average remaining pot size is less than £30,000. State pension benefits, however, in place for over a decade by this point, will supplement this income for most.

Physical wealth

Physical wealth – notably excluding houses – made up the smallest proportion of the total, at just 10pc. It is also the most evenly spread.

This category encompasses possessions and valuables owned, as well as antiques, artworks and vehicles.

While the top 10pc of British people boasted net financial wealth roughly 18 times higher than the average, this ratio falls below three when it comes to physical assets.

Just over half the population were found to have assets worth £40,000 or more, a share that rises to 61pc for 55- to-64-year-olds.

Total household wealth

So how do you fare relative to your peers? Combine your financial wealth, property holdings and physical assets totals to see how you compare.