July 19, 2016
Millennials have had to endure quite a lot in their short run in the adult world. They are constantly criticized for their silly interests while being refused access to the adulthood they so heartedly desire. From claims of laziness to a dwindling job market, there’s little millennials can do to assert themselves in the world today. And according to a recent study, they are going to be the first generation to make less money than their parents.
The research came from a report by Resolution Foundation, a UK-based research company, and showed that the problem is a lot worse than people think. The numbers showed the millennials (born between 1981 and 2000) are earning approximately $10,000 less than members of generation X (born between 1961 and 1980). These numbers are even worse considering millennials will likely make $100,000 less in their entire careers compared to their older counterparts.
These numbers are worse than people thought because of a “pay squeeze” that has put millennials on the receiving end of “small” cuts that line the wallets of older generations. While part-time labor and below minimum wage salaries have been able to keep dwindling companies afloat, this generation has taken the fall. And, unfortunately, the amount people talking about it has had little to no effect on the way things get done.
“Debates about inequality and fairness within society have gained significant traction over recent years… This has been characterized by politicians of all parties emphasizing the need to do more to rebalance the way in which the gains of growth are distributed,” said the authors of the study.
If everyone’s talking about it, why is it getting worse? The lack of commitment to actually making policies, disrupting discriminatory tactics, and developing a fair system is staggering in politics, in business, and in the world overall. Study after study has proven that investing in employees is the best way to breed success in your company and your life. So why is no one doing it?
Companies refuse to dole out reasonable salaries to their new employees because “it’s not meant to be a career.” This doesn’t mean people should be paid less; it proves that our system is not sustainable. Part-time jobs that are not supposed to be stacked until you can afford rent. Full-time jobs shouldn’t take up all your time while offering you only enough money to eat Ramen 5 days a week. If giving everyone a fair wage would ruin a company, maybe that company shouldn’t be around anymore.
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