Two thirds of young Britons expect to be worse off

The poll, conducted by Nationwide and the John Smith Centre, found that 66% of 18- to 29-year-olds think they will be financially worse off than their parents' generation. Despite this pessimism, 66% of respondents said they still feel optimistic about their own future.

Financial worries are widespread among young adults. Just under half (49%) said they worry about their finances, while 54% cited housing affordability as a concern. More than half (53%) are worried about their income levels, and fewer than three in ten (29%) described their finances as comfortable.

Job insecurity is another key issue, with a third of young people expressing concern. Additionally, just over one in four (26%) said they are worried about the impact of artificial intelligence on their future job prospects.

To cope with financial pressures, 54% of young people have reduced their spending. Around one in five have applied for a new job or taken on extra hours, and 11% are exploring side hustles outside their main employment.

Eddie Barnes, director of the John Smith Centre, said: "The idea that the next generation will have it better than previous ones has been a founding belief for decades. Today's poll shows that the majority of this generation of young people no longer believe it to be true." Debbie Crosbie, chief executive of Nationwide, added: "The concerns raised by young people in this year's poll show that we need to keep our focus on building financial resilience and tackling the challenge of housing affordability."

The survey's exact sample size and methodology have not been disclosed, and it is unclear how the survey defined 'worse off'.