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Millennials are likely to be the first generation to earn less over the course of their lives than their predecessors, according to the Resolution Foundation.

The think tank said Millennials earned around 8% less than their Gen X counterparts during their 20s. If the average career and salary path of a Millennial follows that of a Gen X worker, Millennials would earn less Generation X over the course of their career at an estimated £825,000.

However, if Millennials experience a sharp rise in salary, like the Baby Boomers, then career earnings could rise as high as £890,000 - 7% more than Generation X.

But hopes of a considerable positive deviation will probably be hampered by the impact of Brexit, the Resolution Foundation warned, with Millennials likely to see their pay cut further.

The think tank said the reason behind this generational slump is largely due to Millennials entering the jobs market around the time of the 2007/08 financial crisis.

Torsten Bell, director of the Resolution Foundation, said: "We've taken it for granted that each generation will do much better than the last - earning more and enjoying a higher standard of living. But that approach risks looking complacent given the realities of recent years and prospects for the future."

Not only are Millennials taking home less money than their predecessors, they are having to spend more of it quicker. The research found that Millennials spend an average £44,000 on rent by the time they hit 30 than Baby Boomers, and £25,000 more than Generation X.