Gen Z Earns More Than Millennials at Same Age Despite Lower Labor Force Participation
A recent report by Zety, a resume builder, analyzing U.S. Bureau of Labor Statistics data, indicates that full-time Gen Z workers (ages 20-24 from 2021-2024) have higher inflation-adjusted median weekly earnings compared to Millennials at the same age (20-24 from 2005-2008). Gen Z's average weekly earnings were approximately $756, which is about $83 more per week, or a 12.3% difference, than Millennials' average of $674. Annually, this translates to roughly $39,300 for Gen Z versus $35,000 for Millennials, a $4,300 difference. Despite this earnings advantage, Gen Z adults show a weaker connection to the labor force, with a lower labor force participation rate of 71.1% compared to Millennials' 74.5% at the same age. Their employment-population ratio is also lower at 65.8% versus 67.9% for Millennials. However, those Gen Z individuals who are in the labor force experience a lower unemployment rate of 7.5% compared to Millennials' 8.9%.
