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Graduates will be paying about half their salaries to the Government within five years of their leaving university, according to a report by the free-market think-tank Reform on the financial burden faced by graduates.

The study identifies what it describes as the IPOD generation - Insecure, Pressurised, Overtaxed and Debt-ridden - that it claims is disproportionately picking up the tax bill for welfare spending on the elderly.