logo
Millennials don't want brown furniture

Millennials don't want brown furniture

Spectator25-06-2025
For me, it was the sideboard that did it. Originally the centrepiece of my grandmother's dining room, upon her death it was passed on to my mother, who kept it grudgingly in her cottage even though you couldn't get to the kitchen without banging your hip against its bow front. At some stage it was passed on to my sister, who paid a considerable sum to store it because she had no room for it in her terraced house. Some years later, I was informed that I must house this precious mahogany albatross myself. After some handwringing and sadness, lack of space forced me to pass it on to someone in my village. She took one look and promptly vowed to 'do an upcycle'.
Such is the sorry fate of brown furniture. It is unwanted by millennials, who will likely inherit it anyway when their boomer parents inevitably downsize, to allow their offspring to scramble on to a much lower rung on the property ladder. Brown furniture strikes me as a peculiarly apt metaphor for the cumbersome, unwieldy process of the Great Wealth Transfer more broadly.
It may sound like a heist, but the Great Wealth Transfer is the anticipated handing down of approximately £5.5 trillion from the boomers to millennials, what journalists and financial analysts like to call (with no apparent irony) the 'largest flow of generational capital ever seen in the history of humanity'. Maybe we should simply call it The Generation Game and get Bruce Forsyth back from the grave to officiate. Because like all game shows, there will be winners and losers. Just don't expect a conveyer belt and a teddy bear.
But first, a word for the boomers. Britain's baby boomers – the 13.5 million people, aged between about 60 and 80, who were born between 1946 and 1964 – grew up in a world of staggering growth. As they worked, they were able to pay into pensions and buy shares. Overwhelmingly, they bought houses, and these houses have become a lot more valuable: a flat bought in Notting 'Grotting' Hill in the 1970s for £6,000 is now worth well over £1 million. Half have more than £500,000 in assets and roughly a quarter have more than £1 million. This has helped make the boomers comfortably the richest generation there has ever been – and quite possibly the most reviled. As a geriatric millennial born in 1983, waiting for the wealth to trickle down into my hands, I can't wait.
Except I don't seem to be in line for any wealth as such, but a whole auctioneer's catalogue of brown furniture given to me as property has changed hands from my grandmother's so-called silent generation to my boomer mother, who now doesn't want it (and has even been known to Farrow & Ball it). If I do inherit any property, it probably won't be until I am well into my sixties, when my children have completed their (hopefully) private education. As I really don't want my mother to croak it any time soon, I am at peace with this situation.
Through no meritocratic slaving of my own, I have managed to get on to the property ladder via my husband. The Bank of Mum and Dad regrettably never opened its ATM for me, as it did for so many of my peers, but hey-ho. What has trickled down to me thus far in the greatest asset swap of all time can be listed as follows: a Davenport desk, a couple of Pembroke tables, a side cabinet, a linen press, two gilt mirrors, a wig stand and a great deal of bone china, designed for the kind of entertaining that hasn't taken place since the 1940s.
Brown furniture, then, is my lot. But brown furniture, as auctioneers are at pains to tell me, is worth nothing – it is the abject symbol of generational misalignment that will come to characterise the slow death march of the boomers and expose the Great Wealth Transfer once and for all. Blame Tony Blair – 'forward not back'.
But why? Shouldn't it be worth something? I spoke to Thomas Jenner-Fust, director of Chorley's in the Cotswolds, to confirm just how shafted I am. Jenner-Fust blames 'generational dissonance' for having driven the value of brown furniture down: 'Boomers came from a world where people still sat around a table to eat food, took afternoon tea (no ghastly mugs), sat at a desk to write letters with an actual pen and displayed their trinkets and treasures in display cabinets.' In contrast, he says, millennials lead different lives in knocked-through kitchens where mahogany furniture looks out of place, and built-in cabinets throughout the house have done away with the need for hulking great bow-fronted chests of drawers. And of course many millennials don't have a home at all to fill with brown furniture, even if they wanted to.
Some boomers, I quickly learn, are resigned to the fact that the sale of brown furniture isn't going to 'fund any skiing holidays'; 'luckily for them, over the same period [35 years] their Old Rectories have gone up by millions so they can take a hit on the Pembroke tables'.
Others, upon discovering that their corner cupboard is worth only £30, are not so sanguine. 'I have often felt that I am about to be chased out of the house with a rolling pin. I'm seen as a sort of swindler,' confesses Jenner-Fust, letting slip that when an auctioneer acquaintance sells a piece of brown furniture for a pittance, he often remarks 'at that price I hope the legs fall off'. Which of course, unlike their Ikea counterparts, they won't. Brown furniture, like a boomer's incredible life expectancy, is sturdy and built to last.
Eliza Filby, historian of generations and author of Inheritocracy,published last year, sees the glut of brown furniture as evidence of the fact that 'boomers are the consumer generation that have bought a lot of shit'. By contrast, millennials and Gen Z are the experience generations, all holidays and Instagrammable 'memory-making'.
Brown furniture, Filby says, is a motif not just for different ways of living but, crucially, for different economic standards of living, standards that were far more elevated than we victimised millennials could dare to imagine. 'There's a reason why millennials embraced the pared-down mid-century aesthetic,' she notes. It is born out of economic and social dire straits rather than simply solipsism. Minimalism arose then because there was simply less space: no dining rooms, less wall space for gilt mirrors and linen presses – just less.
What, then, is the answer to this generation game of discontent? James Mabey, partner at law firm Winckworth Sherwood, tells me that, as with most things, tech may be the answer. Technology that can predict life expectancy may be 'a very powerful tool in estate planning in choosing how much to give away and when, and how much we are each likely to need to keep back'.
The short-term risk, though, is that millennial inheritance gets drunk through a straw by boomers on their so-called 'revenge holidays'. I conclude, in the words of the late, great Bruce Forsyth, that I must 'play my cards right'. Just no more sideboards, please: I flogged the dinner service ages ago.
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

The Compliance Burden of the Great Wealth Transfer: Why Financial Institutions Must Prepare Now: By Srbuhi Avetisyan
The Compliance Burden of the Great Wealth Transfer: Why Financial Institutions Must Prepare Now: By Srbuhi Avetisyan

Finextra

time14-07-2025

  • Finextra

The Compliance Burden of the Great Wealth Transfer: Why Financial Institutions Must Prepare Now: By Srbuhi Avetisyan

The financial industry is bracing for the 'Great Wealth Transfer'—an unprecedented $84 trillion in assets expected to pass from Baby Boomers to their Gen X, Millennial, and Gen Z heirs over the next two decades. But this transfer isn't just bigger, it's fundamentally different. According to Penguin Analytics, a global study of 13,500 capital owners and heirs, this generation of inheritance is more fragmented, less documented, and globally entangled than anything the financial sector has faced before. Unlike prior transitions where legal preparation and institutional trust were the norm, today's wealth is scattered across jurisdictions, stored in spreadsheets, and tied to asset classes that demand structured data, not paper-based will This shift demands a fundamentally new approach from institutions and professionals, particularly wealth managers, compliance officers, and fintech architects. The regulatory burden no longer begins when the assets arrive—it starts with how families document, disclose, and digitize their wealth long before a transfer occurs. Encouragingly, many institutions have begun modernizing their frameworks, recognizing the need for structured digital asset records, cross-border KYC compliance, and event-triggered inheritance logic. Yet the core challenge persists: most families remain underprepared. According to the same analytics: Only 6% of families have a formal inheritance strategy 92% of founders undervalue the importance of Source of Wealth documentation (SoWE) 97.3% still use non-secure or manual record-keeping methods, leaving their estates fragmented and difficult to verify As a result, institutions are inheriting not just assets, but also the compliance and operational chaos that comes with them. Notably, families with a net worth between $3 million and $99 million account for 74.6% of all capital-loss incidents, making them the most exposed demographic in this transition. From Relationship Management to Record Accountability Today, intergenerational wealth transfer is more than just the identification of the heir and their relationship with the owner. The regulators' narrative and goal is not only to confirm the client identity but also to trace asset origin. For instance, in global fixed-income markets, FINRA's TRACE framework now mandates near real-time reporting, not just of transactions, but of underlying asset origin and context to enhance market transparency. Institutions are now being asked, 'Do you know where this came from, and can you prove it?' and SoWE (Source of Wealth Essay), structured asset logs, and multijurisdictional record-keeping are becoming compliance essentials, not luxuries. In anti-money laundering (AML) and customer due diligence regimes, Source-of-Wealth (SoW) traceability is now a discrete requirement. Banks and asset managers are expected not only to know who the client is, but also where their capital actually came from, and to provide auditable proof. Beyond Wills: The Infrastructure Gap The information asymmetry is at the heart of the wealth transfer. It's important to note that the information asymmetry between the heirs and founders isn't a legal challenge, but rather an infrastructure and coordination failure. Despite new regulations confirming that spreadsheets, dusty paper documents in drawers, and local wills are way too outdated, the traditional method of information transfer still remains as the leading one. Without structured digital histories, wealth transfer becomes a liability (for banks, wealth platforms, and insurers). The legal mechanisms are powerless if the wealth transfer plan is crippled by fragmented, unstructured, and non-tracable data. Case studies support the critical failure of information transfer between high-net-worth individuals and their family members as well. In a recent real-world review from the Penguin Analytics case data, a UHNW family held over 40% of their assets across four jurisdictions. The family maintained records across multiple mediums—some in PDF form, others in lawyer's notes, some never digitized at all. When the primary founder became incapacitated unexpectedly, neither the bank nor the family office could retrieve more than 60% of the asset documentation in a verifiable form within the first 3 months. The issue wasn't access. It was invisibility: siloed records, undocumented ownership structures, uncoordinated custody channels. What Financial Institutions Should Monitor Next The intergenerational wealth shift is not only a behavioral phenomenon—it is a compliance and infrastructure tipping point. Financial institutions must prepare for four key developments: Rising Demand for Digital-Native Estate Planning Integrations Trend: Wealth platforms and private banks are increasingly expected to integrate estate-planning functions—digitally, securely, and cross-jurisdictionally. Example: In late 2023, several European wealth managers began piloting 'estate data rooms'—digital repositories where clients could pre-authorize document access based on event triggers like death, incapacity, or age thresholds. This is not legal advice automation—it's digital continuity design. The available insights further strengthen the accuracy of this solution to get viral: 71.4% of founders say they would entrust inheritance execution to a third party, but only if human discretion is removed and digital execution frameworks are in place. Only 5% currently have such digital infrastructure in place. Emergence of RegTech Layers for Inheritance & Ownership Change Trend: RegTech is moving beyond onboarding and transaction monitoring—new tools are being built to track inheritance events, monitor ultimate beneficial ownership changes, and verify Source of Wealth at the point of transfer. Example: In Singapore and Switzerland, family offices are now required to register and periodically update beneficial ownership structures, especially when ownership changes occur due to inheritance. This demands continuous record-keeping, not just one-time declarations. Supporting insights confirm that: More than 50% of heirs inherit assets they don't fully understand—structure, tax implications, or even existence. This creates operational risk for institutions if ownership change isn't properly logged and reported. Regulatory Movement Around Digital SoWE Requirements Trend: Jurisdictions like the UK, UAE, and Luxembourg are tightening requirements for documenting the origin of funds, especially in cases involving high-risk nationalities, PEPs, or wealth migration. Example: The FCA (UK) and DIFC (Dubai) have issued guidance requiring not only proof of identity but also narrative-based Source of Wealth documentation, especially in private banking and cross-border onboarding cases. Supporting analytics: 77.6% of heirs report degraded trust from legal professionals post-transfer, raising the need for pre-structured, regulator-ready SoWE narratives Shift from 'Financial Advice' to Post-Inheritance Traceability Obligations Trend: In a post-inheritance environment, banks and wealth firms are being asked to prove the path of funds, not just provide advice. Example: Several EU-based private banks are now including post-mortem compliance audits in their internal governance to ensure that beneficiaries are traceable, that asset allocations reflect documentation, and that no black-box trusts or donor misrepresentations are involved. Analytics insight: Only 6% of families have a clearly defined wealth transfer strategy This leaves financial institutions open to reputational risk and legal exposure when the burden shifts to them In summary, wealth transfer is no longer a private family milestone—it is a regulatory and infrastructure event. Financial institutions must prove provenance, document logic, and ensure permissioned flows of capital across generations. Firms that act early to support structured, secure, and traceable inheritance pathways will be better positioned for what comes next.

Millennials don't want brown furniture
Millennials don't want brown furniture

Spectator

time25-06-2025

  • Spectator

Millennials don't want brown furniture

For me, it was the sideboard that did it. Originally the centrepiece of my grandmother's dining room, upon her death it was passed on to my mother, who kept it grudgingly in her cottage even though you couldn't get to the kitchen without banging your hip against its bow front. At some stage it was passed on to my sister, who paid a considerable sum to store it because she had no room for it in her terraced house. Some years later, I was informed that I must house this precious mahogany albatross myself. After some handwringing and sadness, lack of space forced me to pass it on to someone in my village. She took one look and promptly vowed to 'do an upcycle'. Such is the sorry fate of brown furniture. It is unwanted by millennials, who will likely inherit it anyway when their boomer parents inevitably downsize, to allow their offspring to scramble on to a much lower rung on the property ladder. Brown furniture strikes me as a peculiarly apt metaphor for the cumbersome, unwieldy process of the Great Wealth Transfer more broadly. It may sound like a heist, but the Great Wealth Transfer is the anticipated handing down of approximately £5.5 trillion from the boomers to millennials, what journalists and financial analysts like to call (with no apparent irony) the 'largest flow of generational capital ever seen in the history of humanity'. Maybe we should simply call it The Generation Game and get Bruce Forsyth back from the grave to officiate. Because like all game shows, there will be winners and losers. Just don't expect a conveyer belt and a teddy bear. But first, a word for the boomers. Britain's baby boomers – the 13.5 million people, aged between about 60 and 80, who were born between 1946 and 1964 – grew up in a world of staggering growth. As they worked, they were able to pay into pensions and buy shares. Overwhelmingly, they bought houses, and these houses have become a lot more valuable: a flat bought in Notting 'Grotting' Hill in the 1970s for £6,000 is now worth well over £1 million. Half have more than £500,000 in assets and roughly a quarter have more than £1 million. This has helped make the boomers comfortably the richest generation there has ever been – and quite possibly the most reviled. As a geriatric millennial born in 1983, waiting for the wealth to trickle down into my hands, I can't wait. Except I don't seem to be in line for any wealth as such, but a whole auctioneer's catalogue of brown furniture given to me as property has changed hands from my grandmother's so-called silent generation to my boomer mother, who now doesn't want it (and has even been known to Farrow & Ball it). If I do inherit any property, it probably won't be until I am well into my sixties, when my children have completed their (hopefully) private education. As I really don't want my mother to croak it any time soon, I am at peace with this situation. Through no meritocratic slaving of my own, I have managed to get on to the property ladder via my husband. The Bank of Mum and Dad regrettably never opened its ATM for me, as it did for so many of my peers, but hey-ho. What has trickled down to me thus far in the greatest asset swap of all time can be listed as follows: a Davenport desk, a couple of Pembroke tables, a side cabinet, a linen press, two gilt mirrors, a wig stand and a great deal of bone china, designed for the kind of entertaining that hasn't taken place since the 1940s. Brown furniture, then, is my lot. But brown furniture, as auctioneers are at pains to tell me, is worth nothing – it is the abject symbol of generational misalignment that will come to characterise the slow death march of the boomers and expose the Great Wealth Transfer once and for all. Blame Tony Blair – 'forward not back'. But why? Shouldn't it be worth something? I spoke to Thomas Jenner-Fust, director of Chorley's in the Cotswolds, to confirm just how shafted I am. Jenner-Fust blames 'generational dissonance' for having driven the value of brown furniture down: 'Boomers came from a world where people still sat around a table to eat food, took afternoon tea (no ghastly mugs), sat at a desk to write letters with an actual pen and displayed their trinkets and treasures in display cabinets.' In contrast, he says, millennials lead different lives in knocked-through kitchens where mahogany furniture looks out of place, and built-in cabinets throughout the house have done away with the need for hulking great bow-fronted chests of drawers. And of course many millennials don't have a home at all to fill with brown furniture, even if they wanted to. Some boomers, I quickly learn, are resigned to the fact that the sale of brown furniture isn't going to 'fund any skiing holidays'; 'luckily for them, over the same period [35 years] their Old Rectories have gone up by millions so they can take a hit on the Pembroke tables'. Others, upon discovering that their corner cupboard is worth only £30, are not so sanguine. 'I have often felt that I am about to be chased out of the house with a rolling pin. I'm seen as a sort of swindler,' confesses Jenner-Fust, letting slip that when an auctioneer acquaintance sells a piece of brown furniture for a pittance, he often remarks 'at that price I hope the legs fall off'. Which of course, unlike their Ikea counterparts, they won't. Brown furniture, like a boomer's incredible life expectancy, is sturdy and built to last. Eliza Filby, historian of generations and author of Inheritocracy,published last year, sees the glut of brown furniture as evidence of the fact that 'boomers are the consumer generation that have bought a lot of shit'. By contrast, millennials and Gen Z are the experience generations, all holidays and Instagrammable 'memory-making'. Brown furniture, Filby says, is a motif not just for different ways of living but, crucially, for different economic standards of living, standards that were far more elevated than we victimised millennials could dare to imagine. 'There's a reason why millennials embraced the pared-down mid-century aesthetic,' she notes. It is born out of economic and social dire straits rather than simply solipsism. Minimalism arose then because there was simply less space: no dining rooms, less wall space for gilt mirrors and linen presses – just less. What, then, is the answer to this generation game of discontent? James Mabey, partner at law firm Winckworth Sherwood, tells me that, as with most things, tech may be the answer. Technology that can predict life expectancy may be 'a very powerful tool in estate planning in choosing how much to give away and when, and how much we are each likely to need to keep back'. The short-term risk, though, is that millennial inheritance gets drunk through a straw by boomers on their so-called 'revenge holidays'. I conclude, in the words of the late, great Bruce Forsyth, that I must 'play my cards right'. Just no more sideboards, please: I flogged the dinner service ages ago.

Inbound Rangers chief Thelwell praised for 'saving' Everton
Inbound Rangers chief Thelwell praised for 'saving' Everton

Glasgow Times

time25-04-2025

  • Glasgow Times

Inbound Rangers chief Thelwell praised for 'saving' Everton

The former defender has praised the director of football for guiding the club through challenging financial times. Ball believes Thelwell's actions were crucial in maintaining Everton's Premier League status, despite financial constraints imposed by the construction of the new Bramley-Moore Docks Stadium. His comments come as Thelwell prepares to leave Goodison Park and take up a new role as Rangers' sporting director. According to Ball, Thelwell's remit changed significantly during his time at the club, as he had to sell high-earning players and bring in cheaper replacements to keep the club afloat. Ball told the Daily Record: "When Kev came in to the club in 2022, his remit at that time was totally different to the remit he's operating under now as he prepares to leave the club. "Back then, Everton were trying to compete and move up the table. "Very quickly, though, I think he realised the club wasn't in the stable position he first thought they were under Farhad Moshiri. "That's when he had to start moving players out of the football club, which is always the most difficult thing when you've got players on large wages and long contracts." Ball commended Thelwell's ability to sell players and get good money for them, despite the criticism he faced at the time for undervaluing certain players. He said: "Looking back, I think you can see he actually did very well to move a lot of these players on and get good money for them. "But he did get a little bit of stick at the time for undervaluing certain players. "That, though, was just because the fans weren't fully aware of just how grim the situation at the club actually was." Ball used the sale of Richarlison to Spurs for £60 million as an example, suggesting that this move was pivotal in saving the club. He also pointed out the sale of Anthony Gordon to Newcastle for £45 million, which was criticised by fans who felt the club was being shortchanged. Ball believes that these sales were necessary to avoid a larger points deduction for breaching profit and sustainability rules. He said: "If he didn't find buyers for those players, Everton would probably have received a bigger points deduction for breaching profit and sustainability rules and that would have threatened the takeover that has now thankfully gone through." Ball acknowledged the immense pressure Thelwell was under and praised his ability to keep Everton competitive despite the financial constraints. He said: "But Kevin has definitely been operating with a tremendous amount of pressure on his shoulders. "He's basically been working with both hands tied behind his back for his entire time at the club. "He's had to move big earners out and bring in cheaper replacements - all the while trying to keep Everton in the Premier League." Ball ended by praising Thelwell's negotiation skills, pointing to the acquisition of Youssef Chermiti and Beto, which cost the club no money up front. He said: "He's arrived expecting to have a massive war chest to spend to now having the opposite, where he's forced to sell players while trying to keep the club competitive in the world's richest league."

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store