As if the world had not crashed tits first into chaos on every continent enough in the past seven months, it has now been revealed that young people will become the first generation to earn less than their parents.
Personally, I think thank fuck for that. Student loans, weakening economic prowess, a rise in house prices, and a lack of decent jobs have got me thinking – you know what we need, less money than ever before. How fantastic.
According to The Independent, a new study has unearthed the fact that millennials earn £8,000 less in their 20’s than the generation before them as the result of a far weaker economy.
The study, conducted by the Resolution Foundation, also found that us young folk are highly likely to be the first generation in forever to earn less than our parents. Happy Monday to you too.
Even the Prime Minister that zilch of us voted for warned that there would be a ‘growing divide between a more prosperous older generation and a struggling younger generation’. Thanks Theresa- always good to get a real boost of hope from your unelected new Prime Minister.
And as if that wasn’t enough, the Resolution Foundation have some more
great mind numbingly depressing news for us to serve as a side dish to the above large portion of misery – as they have warned that leaving the EU is likely to only lessen our earnings more so.
This is thought to cause an even greater divide considering 75 per cent of young voters, between 18-24, voted to Remain, as well as 56 per cent of people aged 25-49. However the elderly pioneers of Brexit triumphed much to youth’s disapproval.
The study also found that due to lower wages, young people will tend to spend most of their earnings on rent – spending over £40,000 to keep a roof over their head by the time they reach 30.
What a time to be alive. Hallelujah.
Joseph Loftus is a Gold Standard NCTJ journalist with four years experience working for international and regional press.
As well as working for UNILAD and LADbible, Joseph has worked as Liverpool Correspondent for Unsigned & Independent Magazine, as well as stints with the Liverpool Echo and Warrington Guardian.