Economists from the Institute for Fiscal Studies said that the research has shown that people have more now than they did in the ’70s, with extra spare cash, despite the financial hardship that many households are experiencing.
The Queen and the country celebrated 25 years of her rule in 1977 and the IFS found that as a general rule, people had far less then than they do now.
In 1977, just over one in two households had a car, a figure which has now risen to three out of four. Around a quarter of disposable income was spent on feeding the family; this has now dropped to just 15%, freeing up more cash.
The types of job held has also undergone a serious transformation, with eight times as many workers now holding a degree and many more managerial and professional jobs.
The report also found that income is twice the level of that seen in 1977, with pensioners also receiving more with an increase of £283 for OAP couples and £418 for couples with children.
However, despite appearing to show that the quality of life is much better now, even with the recession and financial challenges, there were some signs that not everyone has prospered. Across the board, all types of household groups have benefitted from an increase in income, but the very top end of the wealth is now more concentrated than before.
In 1977, the wealthiest 1% of people in the UK commanded 3% of the total income, but this figure has now jumped to 9% of the total money available. Economists have admitted this reveals a rising disparity between the richest and the poorest in Britain.