Sunday 18 August 2019

People in their 20s now earn less than they did 10 years ago

Photo: Depositphotos.com

Two years ago, people in their 20s had less to spend than they did in 2004, broadcaster NOS said on Tuesday, quoting figures from national statistics office CBS.

In 2004, the average income for someone in their 20s was €24,000 but that had gone down to €23,000 by 2014, the CBS said. Over the same period, people in their 30s saw their income rise from an average €25,000 to €26,000.

‘This partly due to luck, because many people in their 20s joined the labour market at the height of the economic crisis and did not always find a job,’ chief economist Peter Hein van Mulligen told the broadcaster. ‘And if they did find one, it was often below their level of education.’

The increase in the number of short-term contracts has also played a part because these jobs tend to have lower pay rates, Van Mulligen said.

Although the figures date from 2014, the CBS says it has no reason to think the overall picture changed in 2015 and 2016.

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