Millennials in the UK are earning no more than those born in the 1970s at the same age, while US millennials have seen their incomes rise.
Why it matters
The disparity in living standards between UK and US millennials is significant as it highlights the long-lasting impact of the 2008 financial crisis on the UK economy. It also raises concerns about income and wealth inequality between generations and the need for policy changes to address these disparities.
What the papers say
The Guardian puts emphasis on the economic struggles of UK millennials compared to their US counterparts, while The Independent highlights the enduring impact of the 'motherhood penalty' on single mothers' ability to afford basics when they retire. France 24 focuses on the increase in poverty among women in France, particularly single mothers. The Times discusses the stagnation of living standards for millennial graduates in the UK, while The New York Times highlights the need for more Indian women to have paid jobs to lift millions out of poverty and boost the economy.
How we got here
The financial crisis of 2008 had a significant impact on the global economy, leading to a recession and affecting the earning power and living standards of millennials. The subsequent recovery has been uneven, with US millennials experiencing higher income growth compared to their UK counterparts.
More on these topics
The United States of America, commonly known as the United States or America, is a country mostly located in central North America, between Canada and Mexico.
The United Kingdom of Great Britain and Northern Ireland, commonly known as the United Kingdom or Britain, is a sovereign country located off the northwestern coast of the European mainland.