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Young people are spending 7% less on non-housing items than they were in 2001, a new study suggests.

An 'intergenerational audit' published by the Resolution Foundation assesses whether the 20th century norm of each generation enjoying higher living standards than their predecessors still holds true.

The report identified a number of intergenerational living standards challenges facing Britain, including the fall in money spent by 18 to 29-year-olds on non-housing items, including recreation and eating out, returning their pay to pre-financial crisis levels, and a 'long road' to recovery on home ownership.

Rent guarantees and upfront cash payments from local authorities are most effective in opening up the private rented sector for people receiving benefits according to major new research from the Centre for Homelessness Impact, the Behavioural Insights Team and the National Residential Landlords Association. 

The study found these approaches had the greatest positive impact on landlords’ openness to renting to people in receipt of benefits, however the overall willingness of landlords to rent to those in receipt of benefits still remained relatively low, highlighting the need for policy changes to be made to drive change.

CASH-STRAPPED millennials are cutting back on “fun” while pensioners splash out, a shock new report found last night.

In a report that laid bare the inter-generational divide, a think tank said 18-29 year-olds were having to spend £23 a week less on recreation, restaurants and booze than 20 years ago because of the rising cost of basics.

Avocado on toast was the snack that became a synonym for millennial excess. But along with holidays and tickets to shows, dining out is proving beyond the budget of Britain’s youngest adults, who, according to new figures, have suffered a slump in their spending power for life’s non-essentials while their parents’ generation have splashed out with increasing abandon.