US EditionUK 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.
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UK millennials ‘still wearing economic scars’ of 2008 financial crisis
Millennials in the UK continue to be significantly worse off than those in the US, a new study revealed, highlighting the impact of the UK’s persistent weak economic growth since the 2008 financial crisis. While millennials in the US have mostly recovered from the impact of the 2008 crisis, their contemporaries in the UK continue to wear the “economic scars” of that period, according to a new research from the Resolution Foundation. The disposab…
·London, United Kingdom
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UK millennials ‘still wearing economic scars of 2008 financial crisis’
A transatlantic divide has opened up in the living standards of millennials as those in the US fare better than Britons affected by the 2008 global financial crisis, according to new research.
·Ketley, United Kingdom
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