Men in their 20s are earning significantly less than the generation before them and it is closing the gender pay gap.
Millennial men, those aged between 22 and 30, are operating at a cumulative pay deficit meaning that by the time they hit 30, they will be earning £12,500 less, on average, compared to men at that age from the previous generation.
The net result of all of this is that the gender pay gap has shrunk – but Generation Y is still worse off overall and improved equality is essentially “for the wrong reasons”, says the BBC.
The study showed a 45 per cent increase in low-paid work being carried out by young men since 1993, despite a fall among young women over the same period.
Torsten Bell, Executive Director at the Resolution Foundation, said: “The long-held belief that each generation should do better than the last is under threat”.
The think-tank said they were the first generation to earn less than their predecessors.
Medical marijuana supporters are concerned this most recent change might compromise what the amendment was meant to do. We reached out to the Department of Health for an explanation on why that rule is being changed.
Millennial men are also taking on more part-time gigs as the number of women in part-time work has declined.
The foundation said young men had not fully benefitted from an overall shift in the United Kingdom labour market away from low and mid-skilled jobs to more high-skilled ones over the past two decades. Women are leaving low paid occupations in their thousands.
Meanwhile, young women have been bucking the trend with a massive shift into higher-skilled positions.
Between 1993 and 2015/16, the proportion of low paid work done by young men rose by 45%.
The number of young men in retail jobs almost doubled from 85,000 to 165,000, while the number of women fell – though they remained the majority in this sector. “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”, he will say.