20 Jul 2016
The income levels of those aged between 22 and 30 are still 7% below the figures recorded before the recession in 2007/08, new data from the Institute for Fiscal Studies (IFS) has revealed.
However, the IFS also reported that median income for this group has risen by 4.5% in the last two years as a result of the labour market recovery.
Across the labour market overall, incomes rose, on average, by 2% in real terms between 2007/08 and 2014/15.
Additionally, the data suggests that those aged between 31 and 59 have experienced no change in income levels since the financial crisis.
The research also revealed that pensioners are the least likely group to experience income poverty: median income for individuals aged 60 and above is currently 11% above its 2007/08 level.
Damian Green, the new Work and Pensions Secretary, stated that wages have been rising faster than inflation, but acknowledged that more must be done to increase income levels.
He commented: ‘As our economy grows, we will also be building our skills base, developing a proper industrial strategy and improving education to help everyone reach their full potential’.