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Research by consulting firm EY suggests that younger Australians could miss out on as much as $7 billion in lost wages over the next 10 years because of the COVID-19 recession.
As much as 90% of a person’s income growth happens in the first decade of their career, so starting one during a recession can have a negative impact on savings and salary for a number of years:
EY shows workers aged 18-23 could have $22,000 less to spend on a home and $30,000 less in retirement savings because of Australia’s first recession in 30 years…
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About the author
Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness.
Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.