The generation born in the 1960s and 1970s was poorer than the previous generation

People born in the 1960s and 1970s are poorer and spend more than previous generations, the Institute for Financial Research (IFS), the UK's leading economic research organization, said.

IFS research has shown that the number of people in their 40s and 50s has a home less than 10 years old. Income is also not higher.

This study of IFS analyzed the economic status of people born between the 1940s and the 1970s.

Photo: BBC

The only ones who were born in the 1960s and 1970s had more inheritance rights. 70% of those born in the late 1970s will be able to receive inheritance; while only 28% of those born in the early 1940s had that luck, IFS said.

However, those who are most likely to receive the right to inherit are the most affluent.

Also according to the IFS, the incomes of those born in the 1960s and 1970s were not much higher than those born a decade earlier.

Moreover, they spend a lot of money , so they don't have as much savings as the previous generation.

Rising real estate prices made only two-thirds of those born in the 60s and 70s buy a home, while 4 out of 5 who were born in 1940 and 1950 did.

One of the researchers, Andrew Hood, said that the generation after World War II had better income and life than their parents. However, the next generations are poorer and have no higher income.