DURBAN - According to a new study, millennials in their thirties earn less than their counterparts from the previous generation.
Resolution Foundation, a UK-based think tank, found that on average millennials make 4% less than what Generation X people made when they were the same age. Resolution Foundation analysed earnings in 8 high-income countries.
Millennials are people born in between 1980 and 2000 while Generation X are people who were born from 1966 to 1980.
Millennials in Britain showed the biggest income drop. When adjusted for inflation, the pay for millennials was 13% lower compared to the preceding generation according to Bloomberg.
In America, the study said that millennials made slight generation-on-generation gains. The usual incomes in the United States for people aged between 45-49 are no higher than they were for people born in the early 1920's, when adjusted for inflation.
Meanwhile, Generation X saw 54% pay growth from the Baby Boomer generation before it. The Baby Boomer generation describes people who were born between 1946 and 1964.
There also seems to be a further disadvantage in terms of how much millennials earn. According to Business Insider, a Institute for Women's Policy Research report showed that female millenials get paid less than millennials who are male in the United States. According to the report that statement rang true in all states except for New York.
The report showed that the median annual earnings for millennial women working full-time, year round was $30000 which is less compared to their male counterparts who were earning $35000.
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- BUSINESS REPORT ONLINE