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If you've ever wondered why your paycheck is stretched so thin compared with what your parents had, we have bad news: According to a new report, you're making less money than any generation before you—and the chances of you catching up over the course of your career are basically zero.

The new report, released this week by the comptroller's office in New York City, paints a bleak picture for working millennials, showing that Generation Y earns about 20 percent less than that previous generation at the same point in their lives—and this sluggish salary start could stunt their lifetime earning power, which means millennials may never reach the same standard of living as their parents.

"Millennials were applying for jobs in the most difficult economic climate since the Great Depression and as a result, a growing number are now working in low-wage industries and earning less than their predecessors," comptroller Scott M. Stringer explains in a statement. "This group of young people is confronting unique economic challenges that their parents did not have to face. Every generation is expected to do better than the last, but too many millennials are not getting a fair chance to make it in New York City."

Of course, this report is specific to New York—but it's not a leap to assume that what is happening in this microcosm of America is also happening across the country. In fact, other data already shows it.

There, millennials are increasingly working in low-wage fields like retail, food service, and hospitality. These industries are adding jobs—hospitality and food services alone added 91,000 positions in the city from 2000 to 2014—but the pay isn't keeping pace. While jobs increased, salaries decreased, with real wages in both sectors falling by 16 percent in that same time, the report shows.

At the same time, millennials are not finding work in high-paying fields. Take finance: From 2000 to 2014, positions in this field declined by 11 percent, while real wages rose by 14 percent.

The comptroller ventures a departure from high-paying fields has little to do with education: millennials sticking to minimum-wage work often hold bachelor's degrees—with the percent of college-educated millennials working in low-wage industries growing from 23 percent to 33 percent between 2000 and 2014, the report shows. Hefty student loans may be forcing millennials to go for the first low-paying job they can grab, rather than waiting for high-paying work down the road.

“This generation is at a crossroads," Stringer said. "They worked hard, got an education, and then faced roadblocks to getting a good-paying job. It’s time for us to pay attention to the largest generation in New York City, and start to break down those barriers. We need to foster an economy here that helps young people get ahead, not one that holds them back."

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