Recent data from Employment Hero highlights that Millennials are facing the steepest wage decline among all age groups, with average full-time salaries plummeting to £38,331. The SmartMatch Employment Report reveals that Millennials are the only demographic experiencing a wage drop of -0.6% over the past three months, while younger generations like Gen Z are seeing significant increases. Despite a slight growth in employment among Millennials, the persistent wage stagnation poses broader economic challenges, as this demographic is crucial to the workforce amidst rising living costs and economic uncertainties.
Millennials are experiencing a unique pay squeeze, with a 0.6% decline in wage growth, contrasting sharply with other generations. This period of economic uncertainty has resulted in stagnant wages despite increasing employability.
Millennials' average full-time salary has dropped to £38,331, the lowest since March 2024, highlighting significant discrepancies in wage growth compared to Gen Z and Boomers.
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