Developed nations like the USA are famous for giving a substantial amount of earnings to anyone who works harder, but it seems like many millennials living in the country are not doing financially well. According to a recent survey done by the Organization for Economic Cooperation and Development (OECD), it’s been found that only 6 out of 10 millennials are earning sufficient money to consider themselves as middle class. The expert said that holding of the middle class in the developed country is falling significantly which is a worrying thing for all the millennials living in developed nations.
One of the researchers of this survey said that this is a wake-up call for all those people who considered themselves as a middle class since soon they might not be able to enjoy that much financial freedom too. OECD represents more than 36 nations; also this data is taken from developed countries. One of the key findings of this survey is that the majority of the middle-class people think that the only reason behind their jobless is automation. Even experts are agreeing that the unemployment problem in middle class is increasing because of the growing automation technology in big corporations.
On the other hand the cost of services like housing, education and health care getting higher due to which middle-class family is finding itself in a hard situation. The cost of living in urban areas is getting higher in the USA and other developed nations because of the increased population. Statistical data shows that earning in between 75 to 200 percent of the national medium earnings is considered as a middle class. In the USA a person would be middle class if he/she earns an annual income of $23,416 and $62,442. Experts think the situation might get more hard for these people if they don’t focus on improving their skills.
Martin has been working in the journalism industry for around 5 years. During this period, he has written on a variety of topics like technology, business, and privacy ethics. While not working, Martin likes to listen to music and entertain his creative faculty. He is also interested in knowing the updates happening in the tech world as well as scientific explorations that are happening nowadays.