In a report published by the Resolution Foundation claims that 22% of ‘millennials’ (people born between 1981 and 2000) are living in ‘relative poverty’.

This implies that 22% of millennials are living on less than 60% of median income. It has been highlighted that the government policies on housing have seen housing costs absorb ‘an increasingly large part’ of younger people’s earnings.

On the other hand, the report also showed that pensioner poverty rates have fallen compared to previous generations. Some of the highlighted reasons for this are; higher private incomes from pensions and work; lower housing costs; and policy changes i.e. Pension Credit.

Researcher at the Resolution Foundation, Fahmida Rahman stated, ‘While poverty risks are down for pensioners, they are rising for younger working-age people and their children.’ She also noted that children born today are the most likely to face poverty than any other generation for the past 60 years.

Quote from Nigel Holland;

“While it is good that pensioners are less likely to face poverty, the increase in children being born into poverty is a terrible fact. The recent major rises in the cost of housing in the UK is causing massive effect on new home owners, costing them massive amounts more than previous generations and leaving them horribly low on money.”