The horror graph that busts the ‘smashed avo’ myth and shows how life for millennials is tougher than ever before
- Graph bursts ‘smashed avo’ myth as millenial’s income growth is lower than ever
- Since 2009, Australians aged between 25 to 34 experienced a decline
- Older Australians, by comparison, experienced steady growth in recent years
- The graph comes amid constant debate about how millenials spend their cash
An economist has busted the ‘smashed avo’ myth with graph that reveals millennials’ income growth is lower than ever, despite increased costs of living.
Jason Murphy said since 2009 those aged between 15 and 24 have experienced only income growth while Australians aged 25 to 34 experienced a decline.
By comparison, middle-aged and elderly Australians enjoyed steady income growth during the same period.
Graph reveals that young people have experienced little income growth since 2009 (pictured)
The graph also compares income amounts since 1988 with income growth between 2003 and 2010 the highest for all groups.
The graph disproves the commonly held belief that millennials are not prioritising saving, instead spending money on luxurious brunch options like smashed avocado on toast.
Bernard Salt controversially brought the smashed avocado debate into the spotlight in a Weekend Australian column in 2016 and his argument has continued to circle for two years.
Salt claimed he would often see young people waste $22 on ‘a smashed avocado with crumbled feta.’
The graph bursts the smashed avocado myth that millenials are spending money brunch instead of saving for property
‘Shouldn’t they be economising by eating at home? How often are they eating out?’ the columnist wrote.
‘Twenty-two dollars several times a week could go towards a deposit on a house.’
Young Australians are also burdened by high costs of living, especially in major cities Sydney and Melbourne.
Housing prices in Sydney have been unattainable for young people wanting enter the property with the coastal cities median house price peaking at $1.17 million in June 2017.
It is anticipated that housing prices in Sydney and Melbourne will decline after all time highs since 2015.
Since 2009-10, youths aged between 15 to 24 experienced little income growth while those aged between 25 to 34 experienced a decline (stock image)