Money: Born in the 1980s? You're the first generation to take home less than the one before, official stats show - PressFrom - United Kingdom
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MoneyBorn in the 1980s? You're the first generation to take home less than the one before, official stats show

17:50  25 august  2019
17:50  25 august  2019 Source:   thisismoney.co.uk

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Born in the 1980s? You're the first generation to take home less than the one before, official stats show © Provided by Associated Newspapers Limited Booming Britain? Those born in the decade in which Margaret Thatcher was Prime Minister have seen disposable incomes dip Those born in the 1980s may want to look away now. While the expectation is that each generation has it better than the one before, but that has not been the case for those born in the decade that Margaret Thatcher spanned as Prime Minister.

Disposable income growth has slumped in younger generations to such an extent that at the age of 27, those born in the 1980s had £800 less to spend annually than those born in the decade before, according to a landmark report by the Office for National Statistics.

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By contrast, at that age, those born in the 1970s stood to have more than £7,000 more in disposable income than those born in the decade before.

It is the first time the ONS has released official data on intergenerational earnings, and follows a recommendation from a House of Lords Committee.

The data was based on 5,000 families across eight decades from the 1920s to the 1990s, and uses inflation-adjusted data on household incomes after tax.

The data found that those born in the 1980s also had less disposable income than those born in the decade before at age 28, 31 and 36.

Meanwhile, between the ages of 26 and 34 there was little uptick in disposable incomes even at the years where those born in the 1980s did have more of it.

Born in the 1980s? You're the first generation to take home less than the one before, official stats show © Provided by Associated Newspapers Limited The ONS found in its first ever look at intergenerational income that: 'The same pattern of consistently higher average incomes than previous generations has not been seen for those born in later decades'

In its report the ONS said: 'The same pattern of consistently higher average incomes than previous generations has not been seen for those born in later decades.

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'Unlike previous generations at each age, households with heads born in the 1980s have broadly comparable median incomes to those born the previous decade.

'They have also seen slower growth in income between age 25 and 34 years, compared with those born in the 1960s and 1970s at the same age.'

The average annual growth in income between the ages of 25 and 34 for those born in the 1980s was just 1.5 per cent a year, compared to 2.3 per cent and 2.4 per cent a year for those born in the 1960s and 1970s, respectively.

Born in the 1980s? You're the first generation to take home less than the one before, official stats show © Provided by Associated Newspapers Limited While your disposable income is supposed to grow by the most in your 20s, among those born in the 1980s it grew less than those born in the 1970s

Steven Cameron, pensions director at asset manager Aegon, said the ONS's figures showed it was 'no longer the case' that 'each generation generally had a higher disposable income compared to the generation before them.'

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Born in the 1980 s ? You ' re the first generation to take home less than the one before , official stats show . State pensions are frozen when you first retire or move abroad if you decide to live in certain countries, forcing many to struggle with the cost of living or give up and return home .

At the age of 31, someone born in the 1970s would have 26 per cent more disposable income than someone born in the 1960s, while someone born in the 1980s would have one per cent less on the decade before.

The ONS said that stagnating income for more recent generations was likely to be influenced by 'several factors', but pointed to the fact that 'over recent years, wages and salaries have fared worse' than their historical trends.

'In the 10 years since 2004, when those born in the 1980s would have been aged between 25 and 34 years, and those born in the 1970s were aged between 35 and 44 years, wages and salaries per head fell by on average 0.1 per cent per year according to the UK National Accounts.

'This compares with an increase of 3.9 per cent per year over the preceding 10 years.'

This likely hit those born in the 1980s hardest as household income increases the most in people's 20s.

Someone born in 1988 for example would have turned 20 right as the financial crisis hit in 2008, which resulted in a 'lost decade' of low productivity growth and poor real wage growth.

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In fact, separate figures from the ONS published this month revealed that average pay rose by its fastest rate since June 2008 in the second quarter of 2019, when it climbed 3.9 per cent.

Real wage growth after inflation was taken into account was two per cent, which is the highest it has been in four years.

The improvement in earnings is perhaps the main reason why there appears to be a correction in the generation born in the 1990s; at the age of 27 someone born in the Britpop decade would expect to have £3,000 more in disposable income than someone born in the 1980s.

It means someone who turned 18 when Spain lifted the World Cup in South Africa in 2010 is likely in a much better financial position than someone who saw Germany win the European Championship at Wembley in 1996 at the same age.

Born in the 1980s? You're the first generation to take home less than the one before, official stats show © Provided by Associated Newspapers Limited One of the other factors that have affected the earnings of those born in the 80s have been benefit cuts made since 2015, which have most heavily impacted those in their 30s

The think tank the Resolution Foundation also found that disposable incomes for younger families were pushed down by the higher proportion of income they spent on housing compared to their predecessors at the same age, while those aged between 32 and 40 have been hit hardest by benefit cuts made since 2015.

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Born in the 1980 s ? You ' re the first generation to take home less than the one before , official stats show . In total, the UK’s 100 largest public companies paid their chief executives more than £6 million in taxable ‘benefits’ last year, with 15 bosses enjoying perks worth £100,000 or more.

Those born in the later Millennial years would have been post-college years. A lot of the technology we take for granted today we take for granted. Where are you in the Cycle of Generations ? The theory shows the rise and fall of a society, and generations are formed by where they land in that

Ultimately, the ONS found that those born in the 1960s were the last generation in Britain to have much higher household income than the generation before them.

It seems then, that the generation who grew up thinking 'it's coming home', have ended up taking home a lot less than they might otherwise have hoped.

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