Most Read - David McWilliams: It has never been so expensive to be a 30-something in Ireland
The average person must ‘feel’ they are moving forward, doing better than their Mum and Dad, for there to be a sense of upward momentum in society. But that’s not happening
It was also much harder for younger people to find a job during the recession. According to the ESRI, “employment rates declined by around two-thirds from peak to trough for those age 16-19, a third for those age 20-25 and a fifth for those age 25-29, compared to around 10 per cent for older workers”.
Wage stagnation affects the young more because they tend not to have other assets. The Italia 90 Generation are the first Irish generation that have not experienced consistently higher earnings than those born just 10 years previously, meaning the social conveyor belt is jammed.Housing wealth grew by €95 billion in the first quarter of 2022, and this wealth is highly concentrated among the old. Today, the average first-time buyer is 35. In the 1990s, the average age was 26.
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