The middle class is getting squeezed and it is the millennial generation above all that is bearing the brunt, the OECD said, urging action to help households struggling with the rising cost of education and housing as incomes stagnate.[PARIS] The middle class is getting squeezed and it is the millennial generation above all that is bearing the brunt, the OECD said, urging action to help households struggling with the rising cost of education and housing as incomes stagnate.
The OECD found that with each successive generation fewer and fewer are making it into the middle class, which is defined as having between 75 and 200 per cent of the median national income. But the report, titled"Under Pressure: The Squeezed Middle Class," found that middle class incomes have barely grown, in both relative and absolute terms in most of the OECD countries.
House prices have been growing three times faster than household median income over the last two decades, the report found.
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Source: The Straits Times - 🏆 8. / 63 Read more »
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