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Incomes of Britain’s millennials fell nearly the most among other EU countries

Britain’s millennials had their incomes drop the biggest over a decade compared to all other countries except Greece.

The Resolution Foundation’s estimates published in a fresh report show that average real earning per hour among people under 30 years of age in the UK shrank by 13% from 2007 to 2014.

A single country showing worse figures was Greece, where real earnings plunged 25% in the same period as the EU state sank into depression.

The new analysis by the Foundation included a dozen of developed countries. Incomes of UK millennials fell lower than in other EU countries significantly affected by the crisis as Portugal and Italy, which saw drops of 12% and 6% respectively. The same age group in Spain showed just 2% decrease.

The Foundation discovered as well that the difference between the age group in question and working people of 50-59 was especially palpable, as the latter group’s pay drop was two times less than that of the former.

In countries like Italy and France incomes lessened almost equally for both of the groups, while in Germany, Spain and Italy the 50-year-olds had their pay fall more than that of the younger group.


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