Recession 'worse for individuals with private wealth'

Individuals with greater private wealth lost more as a result of the recession, according to research by a financial organisation.

Those with the highest level of private wealth - defined as households headed by someone aged 55-74 with a degree-level qualification - lost on average £25,000 worth of assets between 2007 and 2009, claimed the Institute for Fiscal Studies.

The group estimated individuals with less private wealth would have not been affected as badly, while those under 35 with a lower level of formal education could have had their means reduced by less than approximately £2,000.

Investment in riskier assets such as housing and stocks may have been to the detriment of those with significant private wealth, it was suggested.

A recent report found property prices could take up to 15 years to recover to pre-recession levels, indicating those with finance placed in real estate may find their assets are worth less for many years to come. ADNFCR-2318-ID-19893754-ADNFCR