The impact of the financial crisis has left people's wages 3% below what they were a decade ago, new research has revealed.
The analysis carried out for the BBC by the Institute for Fiscal Studies (IFS) showed that on average people's real annual wages are £800 lower.
People who are aged between 30 and 39 now are earning £2,100 a year less than people of the same age group in 2008 - a drop of 7.2%
For those in their 20s, the decline is 5%, compared with the drop for the over-60s in work of 0.7%, or £130.
At the time of the financial crisis in 2008, the average wage was £24,100. In 2017, it was £23,300.
Latest News
Is 2025 the year of the remortgage?
An estimated 1.8 million fixed rate mortgage deals are due to expire in 2025, 400,000 more than in 2024. This surge in remortgaging presents a critical opportunity for mortgage brokers to offer essential advice and financial support to homeowners across the UK, ensuring they transition smoothly to new deals amid stabilising interest rates and heightened affordability checks.
The future of the bridging industry and the Autumn Budget
MoneyAge content editor, Dan McGrath, is joined by head of marketing at Black & White Bridging, Matt Horton, to discuss the bridging industry, the impact of the Autumn Budget and what the future holds for the sector.
The UK housing market in 2024
The performance of the UK housing market in 2024 has largely exceeded many people's expectations, although challenges remain for first-time buyers due to house prices increasing and a testing rental market for many. Regional disparities, such as the North-South divide, also continue to influence housing accessibility and affordability for many buyers in pockets of the country.
© 2019 Perspective Publishing Privacy & Cookies
Recent Stories