The cost-of-living crisis is biting across the generations, but the under-30s are likely to be among the hardest hit. A recent report from the Intergenerational Foundation thinktank suggested the age group will bear the brunt of Covid and the health and social care levy.

In common with other workers, they face rising prices and bills. But those with student debts face another cost – millions can expect higher bills on student loans next year after the government froze the thresholds at which repayments start.

“Young people’s prospects have suffered,” says Liz Emerson, co-founder of the Foundation. “Covid borrowing, the energy crisis and sky-high inflation have exacerbated the situation, with policymakers choosing to extract more tax from younger, rather than older, generations by targeting earned, rather than unearned, income.”

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