Millennials in their early 30s earn less than their counterparts in the preceding generation, according to a new study.
Millennials on average make 4% less than people in Generation X did when they were the same age, according to the UK-based think tank Resolution Foundation, which analyzed earnings in eight high-income countries.
Millennials were born between 1980 and 2000 while members of Generation X were born from 1966 to 1980.
Britain showed the biggest income drop among millennials. When adjusted for inflation, their pay fell 13% from the previous generation, reports Bloomberg.
In the United States, the study says that millennials made minimal generation-on-generation gains. Typical incomes in the U.S. For those aged 45-49 are no higher than they were for those born in the early 1920s when adjusted for inflation. Meanwhile, Generation X saw a 54% pay increase from the Baby Boomer generation before it.
