People born in early Eighties were around half as wealthy at age 30 as their counterparts who were born in the Seventies, analysis shows.

The children of the "Baby Boomer" generation, currently in their early 30s, have an average net household wealth of £27,000 each a report by the Institute for Fiscal Studies, a think tank showed.

By comparison the median wealth of those born in the 1970s had £53,000 on average by the same age. The figure takes into account housing, financial and private pension wealth.

Experts said their comparatively lower ability to build wealth is down to a combination of lower home-ownership rates in early adulthood, less access to generous final salary-type pension schemes, and stagnant wages since the financial crisis.