Previous research published by the Institute for Fiscal Studies has shown that children born at the start of the academic year achieve better exam results, on average, than children born at the end of the academic year. New research published today by IFS, and funded by the Nuffield Foundation, provides fresh evidence on the extent to which these differences continue to affect individuals throughout their lives. It also provides new insight into what explains these differences, which is crucial in order to understand the most appropriate policy response.