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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.
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Could aluminium become the packaging 'champion'?
Could aluminium become the packaging 'champion'?

BBC News

time3 days ago

  • BBC News

Could aluminium become the packaging 'champion'?

In front of me is a line-up of aluminium cans, but not a drink in these cans have been designed to hold toiletries like shampoo, shower gel and hand wash, condiments like ketchup and household cleaning products.I'm at the London research and development centre for Meadow, a start-up that has developed a new packaging idea is to move products currently packaged in plastic to aluminium founders believe it could be the next big step in reducing the amount of plastic packaging in the world, thanks to the high recycling rate of aluminium cans compared to plastic - 81% vs 52%, according to figures from the National Packaging Waste Database. Meadow has taken the typical aluminium drink can and tweaked it, so that it will slot into a cannister, which can be equipped with all sorts of dispensing depending on the contents, you could have a pump, a squeeze top, spray nozzle, screw top lid or other can itself has a sealed top and crinkles at the edges to make it clear the contents aren't to be the can is empty, it can be taken out for recycling, and replaced with a new can manufacturer Ball, which already offers recyclable aluminium packaging for shampoos and lotions, has invested in Meadow and will offer the system to the big personal care brands it works with. "We realised the greenest container already exists - the aluminium can. So we thought, what do we need to do, to take it to new industries?" says Victor Ljungberg, Meadow's co-founder and chief executive, who is based in Stockholm, Sweden. Aluminium has strong recyclability credentials; it is considered to be infinitely recyclable, compared with plastic, which loses its quality after being recycled several is also lighter than glass, so the energy needed to transport aluminium cans is significantly less than glass bottles. The wine industry has already trialled full size aluminium bottles, with organic brand Vinca rolling them out in March through Tesco. Aldi this year also launched an own-label wine in an aluminium industries are set to make the jump, as new EU packaging and waste regulations come into effect in January 2030, stating that all packaging should be at least 70% recyclable. By 2038, the minimum level of recyclability for packaging will jump to 80%. So what might hold back aluminium?Producing new aluminium is energy intensive. It requires almost twice as much energy to produce than glass. Calculating the environmental impact of aluminium versus glass is complicated and often the best choice depends on what is being is definitely a factor, according to Mark Lansley, the owner and chief executive of Broadland Drinks, which supplied the aluminium-bottled wine to Aldi, and has another similar launch planned this explains Mr Lansley, is a third lighter than glass, saving about 900 grams of CO2 emissions - but is four times more admits to absorbing the extra cost alongside Aldi in the name of innovation, but says that aluminium becoming more widely adopted relies on its cost coming down."We've got to get over this cost. We've got to sell the benefits and better spell out the lower carbon footprint that aluminium has," says Mr will also need to adapt to different looking packaging. Mr Lansley says the wine industry already tackled this challenge when it introduced screw tops, but when it comes to packaging, there are just some situations where only a glass wine bottle will do."Aluminium bottles are lighter and don't shatter, so they are much better for a picnic, or by the pool. But then you've got tradition, and what folks are used to. "You might be opening a bottle of wine to celebrate with friends, or as a reward and relaxation. A glass bottle of wine is embedded in that culture," says Mr Lansley. A lot of what consumers associate with their favourite brands has been intentionally driven by those brands, and changing that could take a lot of convincing too, notes Jamie Stone, packaging expert at global innovation consultancy PA Consulting."Big brands have spent decades and invested billions in educating customers on distinctive packaging - think of the iconic Heinz ketchup bottle, a bottle of Flash spray, or Kikkoman soy sauce," Mr Stone, who is London-based, points out."Aluminium can't easily make shaped packs. That's a challenge when shape forms a key part of brand identity and consumer recognition. Think how many everyday products - like sauces, shampoo, washing up liquid, or moisturisers - rely on squeezable packaging. Aluminium, being rigid, removes that functionality."He adds: "In many categories, consumers want to see the product they're buying, whether it's the colour of a juice, the consistency of a lotion, or the thickness of a sauce. Aluminium's opacity removes that visual connection." Mark Armstrong is a design director at creative agency Marks, which has designed packaging for Starbucks. He says one reason we haven't seen aluminium packaging become the norm, is that manufacturers have long-established plastic packaging would require significant modification or replacement to handle aluminium, at a high cost. And, most food-grade aluminium needs internal lacquer or polymer coatings, which must also meet recyclability guidelines, Mr Armstrong adds."Aluminium is arguably the champion of recyclable materials. But the options for dispensing and reseal-ability often rely on a secondary plastic material. This then compromises the recyclability for consumers if it requires them to separate out materials to be recycled, which greatly weakens the appeal," says Mr in plastic's sustainability also can't be ignored, from the development of ones that can be infinitely recycled, to those that are that reason, Jayne Paramor, sustainable packaging lead at sustainability consultancy Anthesis, argues that plastic may still end up as brands' packaging of choice."Plastics remain highly suited to many packaging applications due to their durability, inertness and design flexibility," says Ms Paramor.

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

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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.

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