Do Millennials Really Earn Less Than What Their Parents Did?

Millennials Income
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As times change and the new world order has millennials expanding their horizons across different careers, dissatisfaction levels also are on the rise. A majority of the millennial believe that they are underpaid in comparison to what their parents earned.

According to a report published by a financial service holding company, “most millennials will struggle to earn more money and find better jobs than their parents despite being overly trained. The report suggested that they are doing less well than their parents at the same age especially in relation to income, home ownership and other dimensions of well being.”

We talked to a cross-section of Puneites across professions to hear their thoughts on this report…

“I believe the increase in numbers pursuing the same career have given way for more options for companies, and thus lower salaries to the less deserving,” says Prateek Vaidya, Video Editor.

“There is no space for unskilled professionals and no one takes efforts to train them. One need to be perfect to attract a good salary. Moreover, if someone is a ‘jack of all trades’, that’s even better. The salary incentives increase for them, while the ‘master of one’ must face the set back,” he adds.

For Neeta, Business Head, this is a paradox. “It may happen that we get less in terms of salaries, but the facilities provided compensates. Earlier everyone wanted to join a government enterprise, given the fact that the package was much better with less work load and ample facilities. But now, many private firms also provide good perks.

The exposure is more, with higher growth and opportunities to work according to international working standards; that is what most of us want anywise. Also, being hit by inflation several times over, there is likely to be a gap between the pay scales then and now.”

“The pay scale varies depending on the number of years of experience,” says Sanjukta Pramanik, Creative Writer. “An amateur is payed peanuts, and to survive with that for at least five years with barely any increment is tough. Then many switch careers, start on with something new or just give up. But the experience thing was hardly present back in those days. Anyone who had a minimum education and could work efficiently, was able to survive and support a family on that income,” she adds.

“I do feel that we are paid less in comparison to our parents, despite being more educated,” says Praneel, Trainee Lawyer.

“Talking about myself, I can say that after completing my basic law education, I will need to work at least for the next few years, before I can build my client base and get paid reasonably well; this was also the case when our parents completed law.

“But now, we also move on to do advanced courses, but the salary doesn’t increase proportionately; we have to create our client base or else work with a private limited firm or an MNC. So, clearly, more education doesn’t necessarily mean more salary,” he exclaims.

Loveleen Kaur

Loveleen Kaur

A Dreamer, Traveler and All-time Foodie who is happiest in the company of Animals!
Loveleen Kaur

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