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Marketing Millennials

Millennials on track to buck rising incomes trend

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By John Glenday, Reporter

July 18, 2016 | 2 min read

Britons aged 35 and under are on track to become the first generation to earn less than their predecessors according to analysis by the Resolution Foundation.

It found that Millennials can be expected to take home £8,000 less in their twenties than Generation X contemporaries ( those born between 1966 and 1980), bringing their average career earnings to £825,000 making them the first group to earn less than their parents.

This figure is expected to be depressed further if Brexit brings about a recession as expected but even if Britain delivered a surprise post war style boom their lifetime earnings would still hit only £890,000.

That figure is just seven per cent more than the equivalent earnings for Generation X and a mere third of the expected scale of progress that generation X would have been expected to enjoy over the baby boomers.

Torsten Bell, director of the Resolution Foundation, commented: "We've taken it for granted that each generation will do much better than the last - earning more and enjoying a higher standard of living. But that approach risks looking complacent given the realities of recent years and prospects for the future."

Amongst the many travails to hit under 35’s are pay squeeze’s induced by recession and the ever rising cost of rent, with individuals now spending £44,000 more on rent by the age of 30 than their baby boomer counterparts.

Marketing Millennials

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