The basic cost of living (rent/council tax/water bills/food prices) has been gradually inflating while the cost of labour increased at a far more modest rate. This has been true for a long time. I think because it is a creeping thing it is harder to spot when the new normal began.

Anecdotal but several degree holders I knew in college (mostly accountants!) continue with prostitution afterwards as well because it is otherwise difficult to make ends meet.

The explanation I'm partial to is that the price of energy has stalled progress for most people in western society. When you look back to 1973 it is really quite dramatic but we are now used to high prices and the various accommodations made as side affects.

I know most people my age see 2008 as a break point, but the rot has been going on for much longer than that.