Millennials’ pay still stunted by the 2008 financial crash
Millennials who entered the job market during the financial crisis are still suffering “scarring” effects on their earnings as they enter their mid-30s, making it even harder for them to cope with the economic pressures of having a family, a leading thinktank has warned.
Their pay has suffered by far the biggest squeeze of any age group since the 2008 crash, according to a study by the Resolution Foundation. While the wages of the over-50s have recovered to levels above those seen a decade ago, it found the typical salary for workers in their 30s was still 7% below its pre-crisis peak last year.
The thinktank said there were signs that this pay blight had left long-lasting “scarring” effects on their earnings. “This risks making it even harder to cope with the income pressures they are likely to be facing in their 30s – including raising children,” the report said.