Study: US Millennials Make 5 Percent Less Than Gen X Did

Millennials are making less money than Generation X Americans were at the same age, according to a new study.

The Resolution Foundation, a British think tank, discovered millennials in several countries are not doing as well as their predecessors.

As reported by Bloomberg, the study found millennials in the United States in their early 30s are making 5 percent less money than Generation X Americans did at the same point in their lives.

Other countries have an even greater difference between the two age groups. Spain, for example, has seen a 30 percent drop in household income from Generation X to millennials. In Italy, there is a 17 percent drop.

Of the eight countries studied, Norway came out on top with a 13 percent increase in income. The United Kingdom registered a 6 percent increase.

"It's no secret that the financial crisis hit the vast majority of advanced economies hard, holding back millennial income progress in countries around the world," Resolution Foundation policy analyst Daniel Tomlinson said. "But only Spain echoes the U.K. experience — a 'boom and bust' cycle where significant generation-on-generation gains for older generations have come to a stop for younger people."

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