Dutch Millennials earning less than previous generations

Wallet
July 1 is the day that many things will change in the Netherlands which will affect the wallet of many citizens..

The average income of Dutch workers in their twenties decreased between 2004 and 2014, while the income of all workers increased over that period, Statistics Netherlands revealed on Tuesday. In that decade the average income of all Dutch workers increased from 24,900 euros to 26,100 euros. While the average income of workers in their 20s decreased from 23,900 euros to 23,100 euros, NU.nl reports. 

Most working 20-somethings are economically independent, in other words they have a net income that is higher than welfare level. About 15 percent of them earn an income below the welfare benefit level of a single person. In 2015 about half of 20-year-olds earned a wage above welfare level. This proportion steadily increases with the age of the workers, to about 90 percent of 27-year-olds. After that age, the proportion remains about the same. 

The average income of a 20-year-old is about 16 thousand euros. That increases with about 2 thousand euros for every year the employee gets older. The average income for a 26-year-old is 29 thousand euros. After that age the income increase is less per year older. The average income for 39-year-olds in the Netherlands is currently 37 thousand euros. 

The income differences between men and women increase as they grow older. Among 20-year-olds, men and women earn about the same. After that the income of men increases with each year of life, while women's income remains virtually stable up until the age of 27. According to Statistics Netherlands, the fact that many women switch to part time work after having children, plays a part in this. 

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