A new report by the British think tank Resolution Foundation found that millennials in the U.K. are on track to be the first ever generation to record lower lifetime earnings than their parents.
The report, titled "Stagnation Generation," laid out in stark terms how millennials are falling behind in terms of wealth, earnings and home ownership.
Here are some key points from the report:
- A typical millennial will earn about £8,000 ($10,600) less during their twenties than those in the previous generation -- Generation X. That's partially due to the Great Recession, but also due to other factors including "a lack of productivity boosting training for young people."
"No one knows what the future will bring, but even [in] optimistic scenarios it looks likely that the millennials will record much lower generational pay progress than their predecessor generations did," the report said.
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3 comments:
Thanks to Thatcher for that...
Thanks to OweBlama for that here....
Meanwhile, our millenials are saving less and enjoying instant gratification...it'll be interesting to hear from those that drove BMW's and Mercedes all their lives and don't have a penny for retirement!
Considering that the prices of everything have gone up some 30-40% in the last 20 years, their incomes in terms of buying power have diminished even more in addition to their reduced wage. Sadly, it's the same everywhere, and abysmally worse in some places.
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