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“Millennials Are at Risk of Becoming the First Generation to Earn Less Over Their Lifetime Than Earlier Generations”
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Other areas of concern related to pensions and home ownership.
For instance, younger generations are much less likely than those older than them to have access to generous defined benefit pension schemes; according to the report, these schemes received average employer contributions of 15.8 percent, compared to 2.9 percent for defined contribution schemes.
“The pay of today’s workers has been suppressed by firms filling deficits in defined benefit pension schemes that provide for older or retired workers,” the report said. “Some estimates suggest that as much as £35 billion is being diverted to this effort each year by businesses.”
Meanwhile, young people are failing to get onto the property ladder. The report claims someone from the baby boomer generation at the age of 30 was 50 percent more likely to own their own home than a millennial of the same age.
“Millennials are spending an average of £44,000 more on rent in their 20s than baby boomers did,” the report warns.
Source: http://truthisscary.com/2016/07/millennials-are-at-risk-of-becoming-the-first-generation-to-earn-less-over-their-lifetime-than-earlier-generations/
