For the first time, pensioner households are earning more each year than their working age counterparts.

The study by the Resolution Foundation for the Intergenerational Commission shows that, on average, pensioner households are now £20 a week better off than working age ones.

This is in stark contrast to 2001, when working age households were £70 a week better off than retired households.

There are several reasons for this change in fortune.

Property wealth has benefited the older generation, and the proliferation of gold-plated defined benefit (final salary) pension schemes has also helped.

At the same time, earnings growth for the younger generations has slowed or frozen due to austerity measures and more modest economic growth.

This study raises some interesting and thought provoking issues, for individuals and society at large.

Firstly, it's important not to generalise about an entire generation of people. Just because the average income of pensioner households now exceeds that of working age households does not mean all retirees are equally well off.

Secondly, there are some major challenges around the cascade of wealth from older to younger generations. I believe one of the biggest challenges we all face for the future is ensuring younger people can get on the housing ladder, repay student loans and save for their own retirement.

The timing of this study is also interesting, possibly softening up the electorate for a removal of pensioner benefits, including the state pension triple-lock, in the near future.