Comptroller: Millennials face economic troubles

A new report from the city comptroller's office says millennials -- people roughly ranging from 19 to 30 years old -- are facing greater debt than their parents while being offered less high-wage job opportunities.

A new report from the city comptroller's office says millennials -- people roughly ranging from 19 to 30 years old -- are facing greater debt than their parents while being offered less high-wage job opportunities. (4/26/16)

BROOKLYN - A new report from the city comptroller's office says millennials — people roughly ranging from 19 to 30 years old — are facing greater debt than their parents while being offered less high-wage job opportunities.

The 40-page report found that millennials are making 20 percent less than the generation before them. The report also found that the average working 23-year-old in New York City is making $23,500 in 2014 compared to $27,700 in 2000.

What's worse, according to Comptroller Scott Stringer, is that they may never catch up after starting with such low pay.

He says that while more people are graduating with college degrees, they're also becoming indebted in the process — and then getting jobs in lower wage industries like retail, health care, food service and hospitality.

Less people are starting out in higher-wage industries like technology, advertising and finance, according to Stringer.

Stringer says there are ways to combat this, including offering a higher minimum wage and more affordable housing.

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