Millennials are earning 20% less than baby boomers at the same age
Despite being better educated, a new study says millennials aren’t getting their bang for their buck.
The nonprofit New America published a report that found that the Great Recession was largely to blame in the generational wealth divide.
The report says 18- to 34-year-olds earn less than that age group in the 1980s and a “volatile” flow of income could be why, reports the New York Post.
Researchers point to freelance and contract work caused weakened access to employee benefits, and contributed to an overall decline in income.
According to the data, millennials, born between 1981 and 1996 — were more likely to be living in poverty than gen-Xers (1965-1980) and baby boomers (1946-1964) at similar ages.
The lower income is also causing millennials to delay getting married and more are living at home with family. They are also waiting to have babies.
The study also found that those born between 1980 and 1989 have better educations, but paid higher tuition and are saddled with student loan debt.