Downturn has been felt very differently across generations

Trend risks being reinforced over the parliament by welfare changes

Commenting on new ONS figures published today (Wednesday) that ‘nowcast’ household incomes up to the year 2014/15, Adam Corlett, Economic Analyst at the Resolution Foundation said:

“Today’s ONS figures highlight the depth of the recent living standards squeeze, and the welcome recovery in the last year, which has meant typical household incomes are roughly back to where they were before the crash.

“The figures also illustrate how the downturn has been felt very differently across generations. While typical pensioner income is at a record high, living standards for the typical working age household remain below pre-crash levels.

“These are trends that deep cuts to working age benefits, combined with the triple lock to the state pension, risk reinforcing over this parliament.”

The ONS figures are available at http://www.ons.gov.uk/ons/dcp171778_421593.pdf