Millennials spending 7% less on frivolities than previous generations at the same age; Baby Boomers spending 37% more, says surprising study.

Young people under 30 are spending less on non-housing items than the same age group in 2001, a new report suggests.

The Resolution Foundation think tank studied changes in pay, housing, taxes and benefits to see if it was still true that newer generations are better off than their predecessors were.

It found under-30s are spending 7% less than that age group did 18 years ago. Over-65s' spending has risen by 37%.

The think tank said it did not want to turn generations against each other.

But it said comparing generations was an "essential tool" for understanding what is changing in the UK economy and society.


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