UK News U.K. Millennials Worse Off Than People Born in the 1970s

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  1. tom_mai78101

    tom_mai78101 The Helper Connoisseur / Ex-MineCraft Host Staff Member

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    Britons in their 30s are worse off than those born a decade earlier, with no improvement in living standards and falling rates of home ownership.

    The analysis from the Institute for Fiscal Studies illustrates the extent to which generational progress has ground to a halt amid wage stagnation and soaring house prices.

    For decades there has been an assumption that each generation will enjoy higher living standards than the one before them. That’s the case for people now in their early 40s, whose incomes are double those of people born in the 1930s at the same age. But for millennials the rule no longer applies.

    According to the IFS, people in their early 30s are no better off than those born in the 1970s were at the same age -- the first time progress has stalled since World War II. This partly reflects the damaging effect of the financial crisis on average incomes.

    And as wages faltered, house prices surged, enriching those who already owned their homes but making it hard for young people to get a foot on the housing ladder. Home ownership at age 30 has fallen from 60% for those born in the 1960s to 40% for those 20 years younger, according to the IFS.

    Read more here. (Bloomberg)

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