Thought the Sydney/Melbourne housing bubble was tough? Spare a though for your New York millennial counterparts. A new report has revealed that Generation Y/millennials (in this instance, defined as those born between 1985 and 1996, although that age bracket varies) make about 20 per cent less than the Generation X before them. Ouch.
Naming unfortunate events, such as the global financial crisis, as major roadblocks for millennials, it seems that low-wage jobs are part and parcel of the NYC experience. Even though they're more tertiary educated than the generation before them, as many as 33 per cent of Bachelor-degree holding millennials are holding down jobs as baristas and waiters to make ends meet. And what's more, wages across retail, hospitality, arts and entertainment industries have actually dropped in the last 14 years.
"Millennials were applying for jobs in the most difficult economic climate since the Great Depression and as a result, a growing number are now working in low-wage industries and earning less than their predecessors," says finance controller Scott Stringer. "Every generation is expected to do better than the last, but too many millennials are not getting a fair chance to make it in New York City." Stringer also estimated that those living in New York are also facing crippling debt to the amount of US$14 billion in student loans. You might want to rethink that job transfer to New York after all.