Analysis finds men turning 30 worse off than prior generation
Female peers unaffected amid growth in higher-skilled jobs
The U.K.’s gender pay gap may be starting to close, but not for the right reasons.
By the time they turned 30, millennial men earned 12,500 pounds ($15,600) less than the generation before them as they shifted into lower-paid employment, according to research by the Resolution Foundation.
That hasn’t been the case for their female peers, who have overwhelmingly seen employment growth in higher-skilled jobs. The proportion of work done by men in the bottom fifth of the pay distribution scale, however, increased by 45 percent between 1993 and 2016.
The economic plight of millennials, defined by the Resolution Foundation as people born between 1981 and 2000, is fueling the political debate about inequality as populist movements rage around the world. In the U.K., where the vote to leave the European Union exposed a divided country in which many people feel left behind, lawmakers are reviewing the Bank of England’s post-crisis stimulus amid accusations it has helped to widen the gap.
“Millennial men have earned less than the generation before them in every year of their working lives,” said Resolution Foundation Director Torsten Bell. “Policy makers need to recognize the frustration that can follow from finding that Britain does not have the opportunities you had hoped or indeed seen previous generations enjoy.”