London — The income boom enjoyed by people born between 1966 and 1980 has turned to "bust" for the generation that followed them, according to a report published Monday. In an analysis of eight high-income countries, the Resolution Foundation think tank found that millennials in their early 30s had household incomes 4% lower on average than members of so-called generation X at the same age. Britain and Spain stand out. In the UK, generation X was 54% better off than baby boomers born between 1946 and 1965. By contrast, millennials, born between 1980 and 2000, had incomes just 6% higher than those of generation X at the same age. The UK is also notable for the fall in rates of home ownership. For millennials in their late 20s, the figure is 33% compared with 60% for baby boomers at the same age. Smaller declines are found in Australia and the US "It’s no secret that the financial crisis hit the vast majority of advanced economies hard, holding back millennial income progress in count...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.