Who Has It Worse the Millennial, 30, or Her Baby Boomer Mother, 60? The Real Differences Between the Two Generations Examined by a Mother and Her Daughter

They struggle to get on the housing ladder and complain they’ll never be able to save towards a decent pension. Many say they can’t afford to get married and start a family so are forced to live at home with their parents.

Barely a day passes without hearing that the millennial generation (that’s those aged between 22 and 37) have it so much harder than their baby boomer parents did.

But do they really? Recent financial predictions have certainly painted a gloomy picture for them.

Households are spending more than they earn for the first time in 30 years, taking out £80 billion in loans last year.

Now interest rates are beginning to creep up, financial analysts are warning that a decade of historically low interest rates, which have favoured borrowers over savers, could leave Britons without enough money to cover their escalating debt.

So, was life really easier a generation ago, or just simpler? And are spoiled millennials in part responsible for their predicament?

Here, Kathy Cakebread, 30, who is single and works in customer services, and her mum Karen, 60, a housewife from Chatham, Kent, give a fascinating insight into the real differences between the two generations . . .

HOUSING

KATHY says: I can’t afford to leave home, which is awful. Renting a one-bedroom flat in our area costs £600 a month. If I was spending that sort of money, I would never be able to save a deposit to buy my own place.

Living at home means I have managed to put away £25,000 towards buying a flat of my own. I’ve saved £400 a month for more than five years.

I’m aiming to save around…