According to a research, pensioners are said to be enjoying a higher income compared to those in employment for the first time.
On average, a pensioner receives £394 weekly after housing costs, while the working-age population receive £385.
Paul Johnson, the director of the Institute for Fiscal Studies (IFS) think tank, which carried out the research, said that the “astonishing turnaround” in elderly people's wealth over the past 30 years showed that they were better off than the youth.
The rising inequalities between the older and younger generation is said to become worse due to planned cuts to tax credits by £4 billion.
