It’s Not Your Imagination: Millennials Are Poorer Than Their Parents, Investigation Finds

Allie Conti:

For years, millennials have been derided as lazy, narcissistic leaches whose spoiled upbringing has left them ungrateful for the world of technological wonders they’ve been born into. But a new Guardian investigation into data about incomes in Western countries has found that young people have reason to complain—in seven wealthy nations in particular, they’re statistically destined to end up worse off financially than their parents. In the US, young people are now poorer than retirees.

The Guardian reported that even as the incomes of young people in countries like the US, Canada, Australia, and France have declined, the fortunes of older people have increased. “It is likely to be the first time in industrialised history, save for periods of war or natural disaster, that the incomes of young adults have fallen so far when compared with the rest of society,” according to the Guardian.