In a period of their lives when young people are poised to make career leaps and earn more money, they are instead falling behind past generations on the path to growing their finances, according to the JPMorganChase Institute.
A report published Wednesday found income growth, a metric showing how much one’s earnings have increased, slowed to its lowest level in nearly a decade—and Gen Z and young millennials are being hit the hardest. All age groups saw weaker wage gains since the pandemic, but for 25-to-29-year-olds, annual income growth slowed to 5.2% last month, one of the lowest levels since 2011, when JPMorganChase Institute began collecting data.
