Gen Z earning more than millennials did at the same age, says thinktank
Summary
Research shows that Generation Z workers are earning more money early in their careers than millennials did at the same age. This pay increase is partly due to rises in the minimum wage, but challenges like higher living costs and economic troubles could affect future earnings.Key Facts
- Generation Z includes people born roughly between 1997 and 2012.
- Research from the Resolution Foundation finds Gen Zās real pay at age 24 is 12% higher than millennials at the same age.
- Millennials, born in the 1980s and 1990s, faced lower income growth partly due to starting work near the 2008 financial crisis.
- The lowest-paid Gen Z workers saw a 36% real pay increase between 2012 and 2025, mainly due to minimum wage increases.
- Median hourly pay for Gen Z workers aged 22-29 grew by 15% between 2012 and 2025.
- Those aged 16-24 who are not working, studying, or training (called "Neets") number about 1 million in Britain.
- Experts warn the number of Neets could grow by 25% by the early 2030s without government help.
- Economic problems like higher prices and weaker growth from the Middle East conflict may lower real wages for Gen Z soon.
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