UK millennials ‘still wearing economic scars of 2008 financial crisis’
- Research from the Resolution Foundation think tank reveals that millennials in the UK have not experienced the same level of economic progress as their American counterparts. Those born in the late 1980s and early 1990s are earning no more than those born in the 1970s did at the same age, showing two decades of lost progress on pay. This is in stark contrast to the US, where millennials have seen higher household incomes and better income growth.
- In the UK, millennials face lower incomes, less disposable income, and a lack of progress compared to previous generations. They are less likely to be homeowners and are forced to live in expensive and insecure rented accommodation. This disparity highlights the urgent need for meaningful growth in the UK and policy decisions that prioritize the needs of younger generations, breaking the trend of income and wealth favoring older generations.
- The sluggish economic growth in the UK is attributed to slower income progress for young people, causing overall income growth to be lower compared to the US. Young Americans under the age of 40 have seen their incomes grow faster than average, while the opposite has been true in the UK. This transatlantic divide in living standards highlights the importance of restarting economic growth in the UK to address the generational gaps.
Insights by Ground AI
Does this summary seem wrong?
Coverage Details
Total News Sources0
Leaning Left2Leaning Right2Center0Last UpdatedBias Distribution50% Left, 50% Right
Bias Distribution
- 50% of the sources lean Left, 50% of the sources lean Right
50% Right
L 50%
R 50%
Factuality
To view factuality data please Upgrade to Premium
Ownership
To view ownership data please Upgrade to Vantage
