The UK economy will get a much-needed boost over the next three decades as the older generation transfer nearly £1tn to their families, according to new research.

A study commissioned by FTSE 100 wealth manager St James's Place in conjunction with Capital Economics, published today, found that adults over the age of 55 hold around £6.6tn in wealth, of which around £2.8tn could be available to transfer over the next three decades, once living expenses are paid.