A survey of 5,000 people shows just 15 per cent of 18 to 24-year-olds believe they will have a better quality of life compared to their parents

One quarter of pensioners believe their generation had the best living standards

Just 15 per cent of young people think their generation is more socially mobile

Only one in eight millennials think they will have a better quality of life than their parents, a report reveals.

A survey of 5,000 people has found just 13 per cent of 18 to 24-year-olds believe their generation will have a better standard of living than previous ones.

In contrast, one quarter of pensioners believe their generation has had the best living standards, having come of age in the post-war years.

The study, by the Social Mobility Commission, also found only 15 per cent of 18 to 24-year-olds think their generation has the best chance of moving up in society [File photo]

It is thought the pressures of the employment market, high rents and high house prices are taking their toll on the nation's young people and making them more pessimistic than their parents.

The study, by the Social Mobility Commission, also found only 15 per cent of 18 to 24-year-olds think their generation has the best chance of moving up in society.

Only 12 per cent of millennials believe they will fare best in terms of personal finances, compared to older generations.

Dame Martina Milburn, the commission's chairman, said: 'If we fail to act, too many young people will continue to face challenges getting into colleges, universities and employment.'

The report was published to coincide with a new £2million grant from the Government for the commission to carry out more research.

Education Secretary Damian Hinds said: 'We're targeting extra support at the poorest areas of the country to raise standards in schools and attract great teachers.'