Wages | Millennials earning dramatically less than a decade ago

The average salary of a professional in their 30s is £2,100 less than it would have been in 2009.

The research, which was conducted by the Resolution Foundation, concluded that workers between the ages of 30 and 39 are hit hardest by the current financial climate.

The so-called ‘millennial’ generation saw their wages drop dramatically by 11% due to the financial crisis a decade ago, the effect of which is still being felt. In the same period, those over the age of 50 have seen wages not just recover, but actively exceed to levels higher than before the crash.

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"The average earnings of those in their 20s and 30s fell especially sharply in the immediate aftermath of the recession, perhaps as employers were able to cut starting wages more than wages of those already in work,” IFS Director Paul Johnson told the BBC.