Research has found that young men today will earn £12,500 less than generations before them did at the same age. Speaking in a lecture on 21st century inequality, director of the Resolution Foundation Torsten Bell outlined this research for the Foundation’s Intergenerational Commission on the labour market prospects for younger generations.
This decrease may be as a result of men taking more jobs that in the past would be assigned to women. Millennial women on the other hand have stood still in terms of their earnings.
The Foundations analysis has pinpointed a shift towards lower-skilled part-time jobs. While employment growth amongst women has been overwhelmingly transferred into higher-skilled jobs, for men the growth is much more evenly split between higher and lower paying occupations.
The Foundation says that while the overall story of the UK labour market over the two last decades has been a positive shift away from low-skilled jobs, young men in particular have not fully benefitted from this change. It adds that a less gender divided pay distribution is a good thing, but young men seeing the world of work having less to offer them than their predecessors raises serious policy challenges.
Torsten Bell revealed some of what he took from the findings, saying: “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 their predecessors. While that in part reflects their misfortune to come of age in the midst of a huge financial crisis, there are wider economic forces that have seen young men in particular slide back.
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For the full article and research findings please visit HR review on this link: http://www.hrreview.co.uk/hr-news/strategy-news/millennial-men-earn-less-generation-research-reveals/103329