Ireland

Are you under 40, unable to buy a home, and affected by high rents and flat-lined salaries?

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Earnings for workers in their 20s have flat-lined which, in real terms, means they are earning less than they did in the 1990s and 2000s. Photograph: iStock

Tue May 11 2021 - 12:37

Millennials in their 20s and 30s are likely to be the first generation in Ireland to have lower living standards than the previous one, research has found.

Earnings for workers in their 20s have flat-lined which, in real terms, means they are earning less than they did in the 1990s and 2000s, according to the Economic and Social Research Institute (ESRI).

Rapidly rising rents are compounding this situation and home ownership rates for people in this age group have also collapsed.

More than 60 per cent of people born in the 1960s lived in a home they or their partner owned by age 30, but this has fallen to 39 per cent for those born in the 1970s and 32 per cent for those born in the early 1980s.

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Economic & Social Research Institute