Study: British millennials set to be first ever generation to earn less than their parents

For the first time in history, British millennials will be worse off than their parents, says a new study by a local think tank.

According to Resolution Foundation’s “Stagnation Generation,” millennials in the United Kingdom will be the very first generation to post lower lifetime earnings than their parents. The study highlights a growing trend that millennials are falling behind, whether it’s homeownership or net worth.

The report found that the average millennial will earn about $10,000 less during their 20s than their Generation X predecessors. The Great Recession and a paucity of employment opportunities are being blamed for this trend.

“No one knows what the future will bring, but even [in] optimistic scenarios it looks likely that the millennials will record much lower generational pay progress than their predecessor generations did,” the report said.

The study also referred to a lack of pension plans for youth, cuts to government support programs and even Brexit as reasons for the millennials earning less than their mothers and fathers.

Overall, Britons between 65 and 74 hold more wealth than the entire population under 45.