The average pensioner's income has risen by more than a fifth since 2002 while working-age incomes remained broadly stagnant at around 2% says the Resolution Foundation.
According to its annual Living Standards report, gaps in income between the generations which had emerged before the 2008 financial crisis had persisted.
It said protections for pensioners such as the ‘triple lock' combined with higher home ownership among older people were advantages that workers in their twenties did not have.
Differing income performances of working-age and pensioner households was down to "the central role of housing in affecting incomes", according to the report.
This meant "successive generations" were "facing totally changed housing landscapes".
Chief economist Matthew Whittaker said: "The rise in pensioner incomes is to be welcomed. The gains for pensioners come from a couple of different things. They have better pensions. Also you have had the triple lock which has provided a boost to incomes. It was meant to be a safety net but it has been much more generous than previously intended."
While the triple lock was unsustainable it could be argued it provided "some mitigation against the low return on savings [since 2008]" and "rise in the state pension age", he added.
Levels of ownership among millennials (people under 30) were some 16 percentage points lower than those recorded by generation X (people aged 32-49) at the same ages. As a result, one-third of homeowners were now aged over 64 - up from a quarter just 15 years ago. In contrast, 16-34 year olds account for just 10% of owners, down from 19% in 1998.
Inequality between generations has led the Institute for Fiscal Studies to previously call for the triple lock to be scrapped.
According to Whittaker there were two ways the triple lock could be axed. "One is to do it quickly before anyone expects it and the other is to wait until earnings are growing steadily and pensions could be linked to that; you could remove the triple lock and people would not be upset," he said.
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