Millennial men earning less because of a huge shift into lower-skilled jobs traditionally carried out by women
A report has claimed the typical young man today will have pocketed £12,500 less by the time he hits 30 than he would have done in the early 1990s
‘MILLENNIAL Men’ are earning less than the generation before them because of a huge shift into lower-skilled jobs traditionally carried out by WOMEN.
A report tonight claimed the typical young man today will have pocketed £12,500 less by the time he hits 30 than he would have done in the early 1990s.
The Resolution think tank blamed an explosion in young men doing lower-skilled, part-time work on the high street – and a fall in higher-skilled manufacturing jobs.
The number working in retail has nearly doubled to 165,000 since 1993 while the number of young men working in bars and restaurants is THREE TIMES higher.
There has also been a four-fold rise in 22-35 year-old men working part-time in the lowest paid occupations – from services and sales to admin.
Torsten Bell, Resolution executive director, said: “The long-held belief that each generation should do better than the last is under threat.
“Millennials today are the first to earn less than the generation before them in every year of their working lives.”
The typical 25 year-old was earning the equivalent of £23,000 in today’s money in 1993. Now he pockets £21,700. Resolution said on average Millennial Man earns less every year between the ages of 22 and 30 resulting in a cumulative pay deficit “loss” of £12,500.
Resolution said young women were no better or worse off as the number of women in high street jobs has actually fallen over the past 20 years.
It said: “The overall story of the UK labour market over the last two decades has been a positive shift away from low and mid-skilled jobs and into more high skilled ones.