Millennials whose parents don’t own a home are 60 percent less likely to become first-time buyers by the age of 30 thanks to the growing strength of the bank of mum and dad phenomenon, according to a report by The Resolution Foundation.

The report demonstrates the increasing influence of the bank of mum and dad, as in the 1990s and 2000s 30-year-olds with parental wealth were only twice as likely to own a home, compared with three times now.

Tax specialists at national law firm Irwin Mitchell Private Wealth say the findings are cause for concern when it comes to younger generations accruing wealth in the future. ...