Gen Z earning more than millennials did at the same age, says thinktank

Gen Z’s early careers are more financially rewarding than those of millennials, research suggests. Those typically born between 1997 to 2012 are experiencing a mini-rebound in pay packets, according to the research by the Resolution Foundation , in a seeming contrast to how the previous generation entered the job market. Millennials – those born between the early 1980s and mid-1990s – are the first generation not to have enjoyed higher disposable incomes than previous generations, according to the thinktank. The researchers added that this setback was partly driven by millennials’ careers kicking off at around the time of the 2008 financial crisis, and the long stagnation in real wage growth that has taken place ever since. However, a preview of a report due on Thursday show the Resolution Foundation’s latest numbers suggest that real weekly pay at age 24 of those born in the late 1990s was 12% higher than for cohorts born in the late 1980s. At the age of 24, those born in the early 2000s are also earning more than any other generation going back to those born in the 1950s, according to the study. Charlie McCurdy, senior economist of the Resolution Foundation, said: “The living standards stagnation of the millennial generation has been well documented over the past decade. Many have speculated that the breakdown of generational progress has continued for gen Z too. …