Britain's younger generation are earning less than when the credit crisis first hit and the future looks even worse — thanks to the nation voting to leave the European Union.

In fact, according to the latest report by think tank Institute for Fiscal Studies, those aged between 22-30 have seen a drop in their income when comparing the data between 2007/2008 and 2014/2015.

In stark contrast, people aged 60 years old and over saw income jump by 11% over the period, when measured before housing costs.

And the IFS warn things are only going to get worse from Britain's younger generation in the event of a Brexit. Here is why: