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Young people officially have a lower quality of life than their parents

A recent report says people born after 80s are worse off, especially in the UK

You’ll be excited to learn that you’re officially worse off than your parent’s generation. According to a worldwide report, on millennial earnings, the income boom enjoyed by people born before the 80s has turned into a “bust” for us. 

In the report, researchers examined how incomes, employment and home ownership rates have changed from one generation to the next since the second world war – and honestly, it is not looking good. Looking at nine developed countries, the Resolution Foundation said the US and Germany had seen minimal generation-on-generation progress, but the UK have had the worst fall in wages than anywhere else in the developed world other than Greece.

“The pay squeeze has been deeper in the UK than in most other places, and more focused on young people in particular,” the think tank said of their findings. While people born before the 80s were 29 per cent better off than the generation before, average real hourly earnings for under-30s in Britain fell 13 per cent between 2007 and 2014.

Home ownership rates have also taken a nosedive in the UK than most countries, with Australia being an exception. This is probably because we’re also ranked as the third worst developed country for high house prices, made unattainable by our dwindling incomes.

While other places in Europe are dealing with youth unemployment, Britain fared a little better. The report writes:  “Youth unemployment in the UK (nine per cent) is almost as low today as it was during the 00s.”

However, what is more widespread are alternative types of employment e.g. self-employment, zero hours contracts, and the gig economy. So just to recap: we have jobs, they’re just not very reliable, pay little, and won’t put a roof over our heads.

The only places where it’s good news for young people are Norway and Denmark. Despite the downturn globally – and the deep recession that hit Denamrk during the financial crisis – both have made better progress across the board. Let’s all just move there?