Photo: Jeffrey Hsi
EVERYONE USED TO SAY IT WAS because we’re lazy. But a new article in the Guardian affirms what millennials have argued for so long: young people today simply don’t have the same opportunity and resources as generations before us.
The Guardian article analyzed data from LIS (Luxembourg Income Study): Cross-National Data Center, considered the largest database of of international incomes in the world. They looked at the data on disposable incomes and wages of eight of the 15 largest developed economies in the world, economies that make up almost half of the world’s GDP.
Some key findings:
-“In the US, France, Germany, Italy and Canada, the average disposable income of people in their early 20s is more than 20% below national averages.”
-“In the midst of the downturn in 2013, average under-30s had less income than those aged 65-79. This is the first time that has happened as far back as the data goes.”
-In the last 30 years in the US and Italy, though every other demographic has experienced growth in disposable income, for millennials it hasn’t changed.
The article explains in depth how millennials face far bigger challenges than young people have in the past. Check out the full article here.