Younger workers poorer than parents' generation, research says

[GliderGuider]

Younger workers poorer than parents' generation, research says

They live in their parents’ basement, they work part-time or are underemployed, and they’re paying off student loans well into their 30s.

All those stories about the younger generation are often true, says a report from the Conference Board of Canada. For the first time, the generation now aged 25 to 29 risks being poorer than their parents.

Researchers found the average disposable income of Canadians between the ages of 50 and 54 is now 64 per cent higher than that of 25- to 29-year-olds, up from 47 per cent in the mid-1980s.

While the income gap between men and women was narrowing over the last 30 years, the gap between older and younger generations has widened significantly.

This is what the beginning of the long slide of economic de-growth looks like.

[upaloopa]

1. Not only are they poorer they are not saving

enough for retirement

[NYC_SKP]

2. Just look to, say, Mexico City or Rio for a peek at our future lifestyle.

Most recently sited in my (soon to be former) neighborhood, homeless folks cruising for recyclables, and not just on pick up day.

And, increasingly, folks on gas-powered bikes, probably unable to make car and insurance payments.

It's more sustainable but quite a contrast to the houses by which they ride, typically with a dead lawn, ferocious dog, and modified 4WD truck or SUV.

I don't know what's become of us, but I do know that if we could raise our standards (meaning shift our priorities) there would be enough for all and we'd be happier for it.

[GliderGuider]

3. Yeah, that's my take on it too.

"The Favelas of San Francisco" - coming soon to a city near you.

[Erich Bloodaxe BSN]

4. Well into their 30s?

The person I know with student loans is almost out of her 30s, and will probably be paying off the loans on her bachelors into her 50s.

[tecelote]

5. Disposable income.

This is from Canada and I suspect it is worse here in the US.

Even if young people earn more overall, they still will not have the disposable income levels of other generations.

Our country has found every way possible to squeeze money from our citizens. It's the American Way.

There is no draft right now because so many young people are pushed towards poverty that enlisting is their only opportunity for an affordable education.

We have lost our moral compass and it has become ok to profit from war, charge people usury levels of interest, poison our earth, and so much more.

This is not the America I thought it was when I was young.

[Township75]

6. I guess putting money into tattoos and body piercings has a poor rate of return

They definitely have money for that...and travel.