Here's why millennials have to fight harder than their parents did to stay in the middle class via CNBCMakeIt
The middle class is on the decline across the wealthiest countries in the world and the shift is hitting the youngest generations hardest, according to a new report published by the Organization for Economic Cooperation and Development .
Income inequality is a driving factor, the report says. It explains that while average earnings have stagnated or barely risen in developed nations over the past 30 years, the cost of living has increased dramatically, while jobs have become less stable. At the same time, the richest households are accumulating even more wealth.
That's due, in part, to income stagnation. Median wages grew by an average of 0.3% per year between 2007 and 2017, according to the report, compared to more than three times that between the mid-1980s and mid-1990s. This has left many in the middle class struggling to pay their bills day-to day: More than 20% of middle-income households spend more than they earn, the report says.
The shrinking of the middle class means that fewer millennials are able to afford the same opportunities that baby boomers did at their age, such owning a home and pursuing higher education.
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