Older generations are receiving £150,000 more in ‘welfare dividend’ than those born in the 1990s, a think tank has claimed.

Young millennials are on course to pay more and receive less from the UK’s education, health and benefit systems than any other post-war cohort, according to analysis published in a new, updated edition of The Pinch by Lord David Willetts. In contrast, baby boomers born in the 1950s are set to gain the most.

The Pinch – first published ahead of the 2010 election – was the first book to warn that younger generations risk losing out.

A new edition, published this week and drawing on new evidence from the think tank, the Resolution Foundation, warns that the problem is getting worse.