Those born since 1981 are often considered a part of the millennial generation, and according to a study, those born in Britain have suffered a bigger reversal in financial fortunes than all others in their generation from developed countries with the only exception being Greece.
The report which was published by the Resolution Foundation doesn’t just point out the misfortune of those in Britain as pretty much all young adults across the developed world, apart from a few Nordic countries have essentially had their incomes reduced, jobs opportunities made rarer and the idea of home ownership seem more impossible, although keep in mind this is all just relative to the baby boomers generation that came before them. Specifically, British people born in the years around 1980 earned 13% less than those born around 1970 did at the same stage in life whereas in Greece this decline was a staggering 25%.
Regarding the UK, the foundation stated that: “Generation-on-generation progress has been all but wiped out for millennials whose homeownership rate in their late 20s, at 33%, is half that for the baby boomers at the same age (60%). However, falling homeownership for young people in their late 20s is also found – albeit to a lesser extent – in Australia (a 12 percentage points fall from boomers to millennials) and the US (a six percentage point fall).” In fact, the UK was ranked third worst among developed countries for high house prices in relation to incomes only behind Denmark and Greece.
On the topic of unemployment the report stated: “In contrast, youth unemployment in the UK [at 9%] is almost as low today as it was during the 2000s, though there has been a rise in atypical working, such as zero-hours contracts and self-employment.”
