Baby boomers are nearly £80,000 better off than people of the same age a decade ago, a new report shows.

The figures are revealed in a study by City regulator, the Financial Conduct Authority (FCA), which has examined the challenges facing different generations.

It found that, a few decades ago, people were able to get their first mortgage in their mid-20s and pay it off before retirement.

Millennials born between 1981 and 2000 now take out a mortgage more than five years later in life and may still be repaying it in retirement.

Baby boomers aged around 65 are now even wealthier than people their age were 10 years ago

The report includes a graph which shows the average wealth of people in recent years (shown with the dark purple line) and the average wealth of different ages 10 years ago (the lighter line). The bar chart showing the difference between the two shows that people who are 59 and under are now worse off than people of their age a decade ago, while people 60 and over are wealthier

The report states: 'Between 2014 to 16, the wealthiest people across average consumers were 60 to 69.

'People around retirement age (ie. age 65) had accumulated significantly more wealth than those of the same age a decade earlier. For example, an individual aged 60 to 70 had approximately £78,000 more wealth in real terms.'

Graphs in the report show the relative wealth of people at different ages now compared with people ten years ago.

For all ages between 20 and 59, people are now worse off than those of the same age ten years ago.

But those aged 60 and above are significantly better off, with the avarage wealth difference those between 65 to 69-year-olds more than £80,000 more than the same age group in 2006 to 2008.

The report found that younger people face a series of difficulties in building wealth due to the combined impact of rising house prices, insecure employment and student debt.

Meanwhile, the older baby boomer generation born between 1946 and 1965 may have financial concerns about long-term care and helping younger generations on the housing ladder.

Another graph in the report shows how people in their 60s now have more pension wealth

The report found many Millennials, those born between 1981 and 2000, will still be paying off their mortgage into their retirement

They may turn to mortgage-type products to access money to maintain living standards or help relatives.

The FCA said it wants to encourage regulators, Government, firms and others with an interest to contribute to the debate on how best to meet these often very different financial needs.

It hopes to deepen its understanding of these issues and adapt its regulatory approach as required.

Christopher Woolard, executive director of strategy and competition at the FCA, said: "From baby boomers, to generation X to millennials - everyone's financial needs and circumstances are evolving. It is clear each generation will have its own challenges.

"With this paper, the FCA has a specific focus on the role the regulatory framework plays in reducing barriers to intergenerational engagement with their finances.

"Now is the time to step back, consider and understand how these needs are evolving and challenge assumptions about consumer needs in the context of different intergenerational factors."

Tom McPhail, head of policy at Hargreaves Lansdown, said: "It is good to see the FCA exploring this kind of 'big issue' thinking and looking at long-term consumer needs.

"It is likely the output from this exercise will not only inform regulatory policy, but may also present some helpful prompts to firms to think about how their products and services need to adapt to customers' changing needs."