People born in 60s and 70s 'will be poorer than parents'

Those born in the 1960s and 1970s will be worse off than the previous generation, according to the Institute for Fiscal Studies think tank. It suggests they will only be wealthier if they inherit money.

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60s and 70s children 'will retire poorer than parents'

The children of the 1960s and 1970s will only be better off than the previous generation when they retire due to inherited wealth, the Institute for Fiscal Studies has found.

The sixties and seventies generation enjoyed higher incomes when they were younger but cancelled this out by spending more lavishly. Credit: PA

It marks the first time incomes and living standards fail to rise since the end of the Second World War.

On average they will have no higher income or savings, will be less likely to own a home and will have smaller private pensions than their predecessors from 10 years earlier.

The only respect in which people born in the two decades from 1960 will be better off is that they are more likely to inherit.

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