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young families 'hit by income slowdown'

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young families 'hit by income slowdown'

image copyrightgetty imagesyoung families were particularly hard hit by an "abrupt" slowdown in living standards in the year before the general election, a think tank says.the resolution foundation found that average income growth halved to 0.7% during that period compared with the previous year.those aged 25-34 were worst hit, it said, with their average incomes no higher than they were in 2002-03.pensioner incomes grew by 30% over that 15-year period, the think tank said.the foundation, which analyses living standards, said young families were the only group whose incomes have failed to return to pre-financial crisis levels."the typical 25 to 34-year-old appears no better off today than in 2002-03," the report said."in comparison, typical incomes for all other age groups are now above, or very near, their pre-recession peaks."the fall in average income growth followed a "mini-boom" between 2013 and 2015, the foundation said, when living standards improved.families in rented accommodation have experienced little or no income growth, while home-owners had a 1.7% growth, the report found.the think tank's senior economic analyst, adam corlett, said: "for millions of young and lower-income families the slowdown over the last year has come off the back of a tough decade for living standards, providing a bleak economic backdrop to the shock election result."over the last 15 years and four prime ministers, britain has failed to deliver decent living standards growth for ...