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Greenmantle V from Greater Wessex, Britannia Since: Feb, 2010 Relationship Status: Hiding
V
#126: Jul 17th 2016 at 11:35:38 PM

Millennials earn £8,000 less in their 20s than predecessors, study finds

Britain’s current young generation earned £8,000 less during their 20s than their predecessors and are at risk of being the first cadre of workers in modern times to see their lifetime earnings fall, according to new research.

A report by the Resolution Foundation highlighting the UK’s growing intergenerational divide showed that millennials, who are aged between 15 and 35, fared significantly worse than their parents in Generation X during their first years of employment.

The Resolution Foundation released the report on Monday to mark the launch of an Intergenerational Commission, which includes as members Frances O’Grady, general secretary of the TUC, and Carolyn Fairbairn, the director general of the CBI.

Looking at the pay of a typical 25-year-old the report found that older millennials, who are now in their early to mid-30s and therefore turned 25 before the financial crisis hit, were the first workers to earn less than those born five years before them.

The study found that the deep recession of 2008-9 and the subsequent slow recovery was only partly responsible for the pay penalty suffered by millennials, with earnings for young people being squeezed even before the start of the financial crisis.

It added that younger millennials who entered work during or after the financial crisis will have had their pay squeezed even harder and could have their prospects permanently blighted as a result.

The report looked at how three separate generations had fared: the baby boomers born in the late 1940s to early 1960s, their children in Generation X and millennials.

It found that even in an optimistic scenario, in which the future pay of millennials improved rapidly after a slow start and followed the same path as the baby boomers, the lifetime earnings of current young people would be around £890,000. This would limit their generational pay progress to just 7% over generation X – a third of the size of the pay progress that generation X are set to enjoy over the baby boomers.

But in a more pessimistic scenario, in which the future pay of millennials instead followed the path of generation X, lifetime earnings would be cut to £825,000. This would make the millennials the first ever generation to face a generational pay penalty by earning less than their predecessors over the course of their working lives.

The Resolution Foundation said a pessimistic scenario could emerge if the short-term economic outlook worsened as a result of Brexit, the weak productivity outlook predicted by the Office for Budget Responsibility earlier this year persisted, and if pay growth continued to fall behind productivity gains, as it has done for much of the last two decades.

It warned that the impact of earning less coincided with a bleaker outlook for home ownership, with baby boomers 50% more likely to be paying a mortgage on their own property by the time they were 30. Meanwhile the shift towards renting and higher rents meant that at 30 millennials had paid £44,000 more on rent than baby boomers.

Torsten Bell, director of the Resolution Foundation, said: “Generational inequality risks becoming a new inequality for our times, and nowhere is that clearer than on pay. We’ve taken it for granted that each generation will do much better than the last – earning more and enjoying a higher standard of living. But that approach risks looking complacent given the realities of recent years and prospects for the future.”

“Far from earning more, millennials have earned £8,000 less during their 20s than the generation before them. The financial crisis has played a role in holding millennials back, but the problem goes deeper than that.”

Keep Rolling On
GAP Formerly G.G. from Who Knows? Since: May, 2011 Relationship Status: Holding out for a hero
Formerly G.G.
#127: Sep 11th 2016 at 2:30:56 PM

Cross post:

How do you respond to the statement about First World problems?

"Eratoeir is a Gangsta."
Silasw A procrastination in of itself from A handcart to hell (4 Score & 7 Years Ago) Relationship Status: And they all lived happily ever after <3
A procrastination in of itself
#128: Sep 11th 2016 at 3:04:16 PM

Depends entirely on the situation. If nothing else there's the basic fact that any adult who complains about Millennials is likely also from the developed world and thus their complaints are themselves First World Problems.

“And the Bunny nails it!” ~ Gabrael “If the UN can get through a day without everyone strangling everyone else so can we.” ~ Cyran
GAP Formerly G.G. from Who Knows? Since: May, 2011 Relationship Status: Holding out for a hero
Formerly G.G.
#129: Sep 11th 2016 at 9:52:38 PM

[up] I never saw it like that but how discern the 'legitimate complaints' from just plain 'whining'?

"Eratoeir is a Gangsta."
Euodiachloris Since: Oct, 2010
#130: Sep 11th 2016 at 10:01:18 PM

[up]Don't bother? Anybody who is willing to play Misery Poker to "win" isn't really open to discussing niggles either big or little. It's generally a shut-down technique. <_<

Satire may be the only defence.

edited 11th Sep '16 10:03:24 PM by Euodiachloris

Krieger22 Causing freakouts over sourcing since 2018 from Malaysia Since: Mar, 2014 Relationship Status: I'm in love with my car
Causing freakouts over sourcing since 2018
#131: Sep 11th 2016 at 10:28:29 PM

What seems like whining to one person could be a completely valid concern to another. Not everyone has the same hierarchy of priorities.

I have disagreed with her a lot, but comparing her to republicans and propagandists of dictatorships is really low. - An idiot
FluffyMcChicken My Hair Provides Affordable Healthcare from where the floating lights gleam Since: Jun, 2014 Relationship Status: In another castle
Euodiachloris Since: Oct, 2010
#133: Sep 13th 2016 at 4:23:08 PM

[up]The exact same thing occurs for any event. Kennedy's assassination? History for me; a memory for my parents — and the difference is huge. Ditto the Cuban Missile Crisis, Watergate. And, many other significant, world changing events I don't have the same, visceral reaction to that they do.

That's no tragedy, you know. Heck, they had the Second World War as a big, looming thing in their lives... Which was a vivid memory (and, in one of my grandfather's cases, a cause of PTSD) for their parents, but nothing but news clippings and history for them... People eventually got to working out how to teach it (in ways not everybody was thrilled about). smile

Much (but not all) of the Cold War, the fall of the Berlin Wall, the Kosovan War, the Rwandan Genocide... all memories for me. History for many who are younger. It's nothing to get het up about. Histrification happens. It's normal. grin

Think on what has happened to the Great War: it's "the First World War" and forever to be put in the context and in conjunction with the Treaty of Versailles and the lead-up to the Second. It's now to be found mainly taught, not told face-to-face by people who lived it and for whom that connection wasn't ever the primary, gut reaction. We now have almost nobody with a living memory of even the tail end of it, let alone the build-up. :/

edited 13th Sep '16 4:35:33 PM by Euodiachloris

Elfive Since: May, 2009
#134: Sep 14th 2016 at 2:00:11 AM

I was about a month old when the Berlin wall fell so It's basically history for me even though I was alive at the time.

InAnOdderWay Since: Nov, 2013
#135: Sep 18th 2016 at 7:16:11 PM

Here's an interesting concept: Depending on who you ask, Gen Z started somewhere between 1995 and 2005. That means that, taking the lowest and highest estimates, Gen Z will/has come of age between 2013 and 2023. I'd put my bet somewhere in the middle around 2018, but that's neither here nor there.

This means that, very soon we're going to start comparing Millenials not against their predecessors, but against their successors. Gen Y will be/is no longer just the go to answer for "kids these days".

Any thoughts on these potential divergences?

CaptainCapsase from Orbiting Sagittarius A* Since: Jan, 2015
#136: Sep 18th 2016 at 7:31:55 PM

[up] Extremely left leaning compared to only moderately left-leaning and very anti-establishment.

GameGuruGG Vampire Hunter from Castlevania (Before Recorded History)
Vampire Hunter
#137: Sep 18th 2016 at 8:18:01 PM

The reason why Generation Z starts between 1995 and 2005 is that Generation Z is defined by having never known a world without the Internet, whereas Millennials are old enough to remember a world without it. That being said, if the Millennials are most similar to the Silent Generation, then Generation Z will likely be most similar to Baby Boomers.

Wizard Needs Food Badly
Euodiachloris Since: Oct, 2010
#138: Sep 18th 2016 at 9:31:49 PM

Personally, I think the whole generation thing is a load of tosh. Mainly because it falls to pieces if you leave a country and come back, but also because it's based on the premise of collective shared experience (which is never as bell-curvy as you'd think: there are usually different zeitgeisten knocking about, even when you're restricted to a single town). <_<

It's just measuring bubbles... And, these days, there are a lot of more easily accessed media bubbles for people to hide themselves in. :/

I blame school systems for pushing the whole idea of year groups over the last two centuries for the whole stupid concept.

edited 18th Sep '16 9:35:39 PM by Euodiachloris

garridob My name's Ben. from South Korea Since: Oct, 2012 Relationship Status: I like big bots and I can not lie
My name's Ben.
#139: Dec 9th 2016 at 10:24:24 PM

My generation really reminds me of the Early Christian Church - born into the height of an empire but dissatisfied with said empire, suspicious of power and authority, admiring of the weak, putting justice before prosperity, self-hating and in love with martyrs.

Am I the only one who feels this way?

edited 9th Dec '16 10:25:36 PM by garridob

Great men are almost never good men, they say. One wonders what philosopher of the good would value the impotence of his disciples.
GAP Formerly G.G. from Who Knows? Since: May, 2011 Relationship Status: Holding out for a hero
Formerly G.G.
#140: Dec 10th 2016 at 11:06:58 AM

[up] I guess I can see the similarities. I do noticed that people around my age group are more cynical and disillusioned about politics.

edited 10th Dec '16 11:12:27 AM by GAP

"Eratoeir is a Gangsta."
FieldMarshalFry Field Marshal of Cracked from World Internet War 1 Since: Oct, 2015 Relationship Status: THIS CONCEPT OF 'WUV' CONFUSES AND INFURIATES US!
Field Marshal of Cracked
#141: Dec 11th 2016 at 2:54:35 AM

[up]well... with repeated governments ignoring the needs of the youth to focus on groups the vote in large numbers, like the elderly, focusing on short term profits over long term problems that we will be left with (e.g. global warming) of course they are! keep getting screwed over and cynicism will set in

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Ecrivan Amused Since: Apr, 2016 Relationship Status: Too sexy for my shirt
Amused
#142: Dec 11th 2016 at 3:08:37 AM

[up]I had an economics teacher from the Baby Boomer generation that would always rant and rave about how young people are these days. One of the issues he would commonly bring up was younger folks apathy towards politics. It never occurred to him that the reason why is that we are well aware they give jack shit about us and care more about him.

Kind of ironic considering his generation. I am pretty fucking sure he voted for Trump too. He hated Hillary

Formerly known as Bleddyn And I am feeling like a ghost Resident Perky Goth
GAP Formerly G.G. from Who Knows? Since: May, 2011 Relationship Status: Holding out for a hero
Formerly G.G.
#143: Dec 11th 2016 at 3:28:33 AM

It is vicious cycle that is going repeat itself unless we break the cycle and realize that youths are just as important as the elderly.

"Eratoeir is a Gangsta."
FieldMarshalFry Field Marshal of Cracked from World Internet War 1 Since: Oct, 2015 Relationship Status: THIS CONCEPT OF 'WUV' CONFUSES AND INFURIATES US!
Field Marshal of Cracked
#144: Dec 11th 2016 at 3:50:22 AM

but we're not to tehm! as we don't vote as much! so while the nearly dead get handout after handout we get burdened with more and more debt

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Quag15 Since: Mar, 2012
#145: Dec 11th 2016 at 7:03:47 AM

I suspect in a few decades, some of the youth of today will adopt the same supposed note . attitudes that they are criticizing in regards to the boomers (and if it's not the youth of today, it will be their children).

edited 11th Dec '16 7:04:32 AM by Quag15

Draghinazzo (4 Score & 7 Years Ago) Relationship Status: I get a feeling so complicated...
#146: Dec 11th 2016 at 7:05:00 AM

That's an inevitability. These things go in cycles. Generically, old people always hate the next generation.

CrimsonZephyr Would that it were so simple. from Massachusetts Since: Aug, 2010 Relationship Status: It's complicated
Would that it were so simple.
#147: Dec 11th 2016 at 7:28:05 AM

It probably won't be the same kind of conflict, though. The Baby Boomers were born starting in 1946 — the oldest ones were already 18 when the Civil Rights era went mainstream with the passage of the voting rights acts, and so, they lived in the era before and are, in large part, nostalgic for their ersatz version of the Fifties. Try talking to your average Millennial about the Nineties, and you'll get a screed about NAFTA and market deregulation. There's a greater sense of consequence, probably because there's also a lot less room for a Nostalgia Filter when all the worst moments are reported and easily accessible. The Baby Boomers are also unprecedented in their number and their longevity, and it's made a situation where they control the levers of power in a society where, culturally, they're a living relic. It's difficult to say what society will look like after they're gone because even in their prime, they were anomalous.

Moreover, Gen Z will probably end up very liberal and detest the effect Trump's election had on their formative years, but even a cursory glance at the demographics would reveal that Gen Y is Not So Different — had it been up to us alone, Hillary would have won 46 states.

Between Gen Y and Gen Z, you'll have minor quibbling about culture — movies, music, fashion, and most importantly, memes, but the deep ideological divides? We'll see.

edited 11th Dec '16 7:31:03 AM by CrimsonZephyr

"For all those whose cares have been our concern, the work goes on, the cause endures, the hope still lives, and the dream shall never die."
Krieger22 Causing freakouts over sourcing since 2018 from Malaysia Since: Mar, 2014 Relationship Status: I'm in love with my car
Causing freakouts over sourcing since 2018
#148: Dec 11th 2016 at 7:32:07 AM

I wonder if, again, education systems' failure to impart critical thinking skills led to the apathy and cynicism youth today allegedly have with regards to politics.

I mean, I'm plenty cynical, but I recognise that voting for someone based on a internet meme has a truly spectacular potential of kicking your future in the face due to the fact that you just completely ignored said someone's political platform.

I have disagreed with her a lot, but comparing her to republicans and propagandists of dictatorships is really low. - An idiot
Silasw A procrastination in of itself from A handcart to hell (4 Score & 7 Years Ago) Relationship Status: And they all lived happily ever after <3
A procrastination in of itself
#149: Dec 11th 2016 at 7:39:41 AM

I imagine the relationship will end up similar to that between the Greatest Generation and the Silent Generation, as that's about where the world is heading with the slip into authoritarianism. I jus hope Generation Z do a better job raising the Generation after then the Silent Generation did.

“And the Bunny nails it!” ~ Gabrael “If the UN can get through a day without everyone strangling everyone else so can we.” ~ Cyran
FluffyMcChicken My Hair Provides Affordable Healthcare from where the floating lights gleam Since: Jun, 2014 Relationship Status: In another castle
My Hair Provides Affordable Healthcare
#150: Dec 11th 2016 at 11:43:29 AM

[up] "Silent Generation"? I've never heard that one before yet until now.


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