UK millennials second worst-hit financially in developed world, says study

Resolution Foundation says young Britons have suffered biggest reversal in fortunes save for young Greeks

Britain's millennial generation, born since 1981, have suffered a bigger reversal in financial fortunes than their counterparts in most other developed countries except Greece, according to a study.

The report by the Resolution Foundation paints a gloomy picture for all young adults across the developed world - apart from the Nordic countries. It highlights how incomes are depressed, jobs scarce and home ownership is slumping for the millennial generation compared with the baby boomers that preceded them.

Although precise definitions differ, broadly speaking millennials are those people born between the early 1980s and the late 1990s. They are so called because they turned 18 in or after 2000. They are also collectively known as Generation Y