It is often said that you should never underestimate a baby boomer's ability to keep saying, "When I was your age, I did x the amount of work you're doing right now" - even if your millennial tongue only said, "Hello." But the next time you hear the sentence, you can flash the latest OECD report that carries the news flashy title, Under Pressure: The Squeezed Middle Class.

Released last month, the report states that in rich countries, the middle-income group (households earning between 75 per cent and 200 per cent of the median national income) has grown smaller with each successive generation - 70 per cent of baby boomers were part of this group in their twenties in comparison to 60 per cent millennials (people born between 1983 and 2002) today. The challenges include job insecurity, indebtedness and the rise of automation. India isn't an OECD member nation. In April, it became the only country to score more than 7.3 on the Aegon Retirement Readiness Index in comparison to a global average of 5.9. But only 22 per cent of the millennials surveyed knew the meaning of the three key parameters - compound interest, inflation and risk diversification - in financial planning. We speak to millennials and experts to understand why money management is often an afterthought.