The Intergenerational Commission report states that while some of the pay squeeze is down to millennials entering the job market as the recession hit, it also found generational pay progress had actually stopped before the 2007/08 financial crash.

If the future pay of millennials follows the path of generation X, that would reduce their lifetime earnings to around £825,000 - making them the first ever generation to earn less than their predecessors over the course of their working lives.

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