Millennials, the Bank of Mum and Dad and debit card rip-offs

New research suggests that millennials will be the first generation to earn less than their predecessors over the course of their working lives.

The Resolution Foundation found that under-35s earned £8,000 less in their 20s than Generation X workers. If wages for millennials follow the same path as Generation X, average career earnings will be about £825,000. Even if millennials’ wages improved rapidly like those of their baby boomer parents born after World War Two, their lifetime earnings would be about £890,000, according to the foundation. There’s more bad news for millennials: the Resolution Foundation also estimates that they will spend £44,000 more on rent by the time they reach 30 than baby boomers did. A combination of falling homeownership levels and the rising cost of renting meant that people born between 1981 and 2000 would pay £53,000 in rent before their 30th birthday. In contrast, those born between 1946 and 1965 typically spent £9,000, in today’s money. Economy

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