Young Aussies face COVID-19 lost decade

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…

There are 1122 words left in this subscriber-only article.

Start your free 14-day trial today!

Comments are hidden for Membership Subscribers only.