Millennials and Gen Xers in Australia are experiencing higher income levels than their parents, according to a report by the Productivity Commission. The study found that about two-thirds of 'Xennials' (Gen Xers and Millennials born in the late 1970s to early 1980s) were earning more than their parents did at a similar age. However, the report also highlighted challenges at both ends of the income spectrum. Younger Millennials, born in the 1990s, have not seen their incomes rise relative to those born in the 1980s due to slow economic growth. This lack of income growth raises concerns about decreased mobility over time. The report emphasizes the importance of education and long-term economic growth in helping Australians earn more than previous generations. It also notes that wealth, rather than income, plays a significant role in cementing cross-generational privilege. The study suggests that future generations' outcomes will depend on maintaining a healthy labor market and real wage growth [598f0ba6].
The report by the Productivity Commission reveals that Australia has relatively high economic mobility compared to peer countries like the UK and the US. However, it also indicates that people at the extreme ends of the income spectrum are less likely to experience mobility. While two-thirds of Xennials are earning more than their parents, there are challenges for those at the bottom and top ends of the income distribution. The study highlights the need to address income disparities and ensure that all Australians have opportunities for upward mobility. The report underscores the importance of education and long-term economic growth in fostering income mobility. It also emphasizes the role of wealth in perpetuating cross-generational privilege. The findings suggest that maintaining a healthy labor market and promoting real wage growth are crucial for future generations' economic prospects [598f0ba6].
In the United States, a study by Harvard University and the U.S. Census Bureau reveals that the income gap between white and Black young adults has narrowed for millennials compared to Generation X. For Black Americans born in 1978 to poor parents, the income gap with white Americans born to poor parents was almost $13,000 a year. However, for those born in 1992, the gap had narrowed to about $9,500. The study attributes this shrinking gap to greater income mobility for poor Black children and drops in mobility for low-income white children. The employment rates of the communities where people lived as children played a key role in income mobility. The study also found that the class gap widened for white people between the generations, with white Americans born to poor parents in 1978 earning about $10,300 less than white Americans born to wealthy parents. For those born in 1992, that class gap increased to about $13,200. Additionally, the study identified regional differences in economic mobility, with Black people from low-income families experiencing the greatest economic mobility in the southeast and industrial Midwest, while economic mobility declined the most for white people from low-income families in the Great Plains and parts of the coasts. The researchers suggested that policymakers could encourage mobility by investing in schools or youth mentorship programs and increasing connections between different racial and economic groups [71939995].
According to a study by the Productivity Commission, Millennials and Gen Xers in Australia are experiencing higher income levels than their parents. However, younger Millennials have not seen their incomes rise relative to those born in the 1980s due to slow economic growth. The report emphasizes the importance of education and long-term economic growth in helping Australians earn more than previous generations. It also notes that wealth, rather than income, plays a significant role in cementing cross-generational privilege. The study suggests that future generations' outcomes will depend on maintaining a healthy labor market and real wage growth. Australia has relatively high economic mobility compared to peer countries like the UK and the US. However, people at the extreme ends of the income spectrum are less likely to experience mobility. The study highlights the need to address income disparities and ensure that all Australians have opportunities for upward mobility [598f0ba6].
In the United States, a study by Harvard University and the U.S. Census Bureau reveals that the income gap between white and Black young adults has narrowed for millennials compared to Generation X. For Black Americans born in 1978 to poor parents, the income gap with white Americans born to poor parents was almost $13,000 a year. However, for those born in 1992, the gap had narrowed to about $9,500. The study attributes this shrinking gap to greater income mobility for poor Black children and drops in mobility for low-income white children. The employment rates of the communities where people lived as children played a key role in income mobility. The study also found that the class gap widened for white people between the generations, with white Americans born to poor parents in 1978 earning about $10,300 less than white Americans born to wealthy parents. For those born in 1992, that class gap increased to about $13,200. Additionally, the study identified regional differences in economic mobility, with Black people from low-income families experiencing the greatest economic mobility in the southeast and industrial Midwest, while economic mobility declined the most for white people from low-income families in the Great Plains and parts of the coasts. The researchers suggested that policymakers could encourage mobility by investing in schools or youth mentorship programs and increasing connections between different racial and economic groups [71939995].
The income gap between white and Black young adults in the United States has narrowed for millennials compared to Generation X, according to a study by Harvard University and the U.S. Census Bureau. The study found that for Black Americans born in 1978 to poor parents, the income gap with white Americans born to poor parents was almost $13,000 a year. However, for those born in 1992, the gap had narrowed to about $9,500. The study attributes this shrinking gap to greater income mobility for poor Black children and drops in mobility for low-income white children. The employment rates of the communities where people lived as children played a key role in income mobility. The study also found that the class gap widened for white people between the generations, with white Americans born to poor parents in 1978 earning about $10,300 less than white Americans born to wealthy parents. For those born in 1992, that class gap increased to about $13,200. The researchers suggested that policymakers could encourage mobility by investing in schools or youth mentorship programs and increasing connections between different racial and economic groups [71939995].