EUROPE - Young people under 35 hold just 2.8 percent of total household wealth across 22 European countries, compared with 24 percent held by people aged 55 to 64, according to the European Central Bank’s (ECB) 2023 Household Finance and Consumption Survey.
The findings highlight a significant wealth gap between generations as rising housing costs, higher living expenses and pressure on public services fuel youth protests across Europe.
The survey covers households in the eurozone, the Czech Republic and Hungary. It measures net wealth, including property, vehicles, valuables and savings, after deducting outstanding debts.
Wealth Gap Varies Across Europe
Households headed by someone under 35 have median net wealth of approximately 25,000 euros ($27,870), compared with 208,000 euros ($231,882) for households headed by someone aged 55 to 64, according to the survey.
The figures indicate that the median net wealth of older households in this age group is more than eight times that of younger households.
Finland recorded the smallest share of household wealth held by people under 35, at 0.8 percent. Their share was also low in Ireland, at 1.4 percent, Austria, at 1.6 percent, Greece, at 1.8 percent, and Germany, at 2 percent.
By contrast, younger households held a larger proportion of wealth in several Central and Eastern European countries. Their share stood at 13.2 percent in Lithuania, 12.3 percent in Croatia, 10.1 percent in Slovakia and 9.8 percent in Estonia. Malta recorded a share of 11.1 percent.
People aged 55 to 64 held the largest overall share of household wealth across the countries surveyed, while those under 35 accounted for a relatively small proportion.
Housing Costs and Inflation Add Pressure
Rising housing costs are contributing to the financial pressures facing younger Europeans, making homeownership increasingly difficult for households without substantial existing assets.
The cost of everyday goods and services, including food, energy and transport, has also increased. Consumer prices across the eurozone, Hungary and the Czech Republic rose by 67.2 percent between 2000 and 2026, according to the figures cited by Al Jazeera from Eurostat, the European Union’s statistical agency.
Hungary recorded the steepest increase among the countries featured, with prices more than tripling over the period.
Inflation accelerated in 2022, when annual inflation across the European Union reached 9.2 percent, driven largely by rising energy costs following Russia’s full-scale invasion of Ukraine.
Although inflation has since eased, the price increases have not been reversed.
Youth Protests Reflect Economic Concerns
Student protests that began in France in September have spread to more than 11 European countries, with demonstrators expressing anger over high rents, fuel prices and cuts to public services.
Some young protesters have said they no longer expect to enjoy better living standards than their parents, reflecting concerns about whether younger generations can achieve the same level of financial security.
The ECB survey provides a measure of the wealth disparities underlying these concerns, showing how household assets remain concentrated among older age groups across much of Europe.
