"The research, commissioned by The Authors' Licensing and Collecting Society, found ... the median income for professional writers is just 10,432 pounds, less than minimum wage. Technical and academic writers are among the worst paid." - Nick Clark, The Independent (UK), April 20, 2015. Here is the article.
In the U.S., until digital killed off so many well-paying establishment media jobs, the situation really wasn't that bad. For example, in executive communications, both full time and freelance, we could make a good living. It was not unusual to be paid 75-cents to $1.25 per word for articles for publications such as Executive Decision. Copywriters could earn $50 an hour. Those in BigPharma did better than that.
Now, more writers have to supplement what they earn from their craft with income from other lines of work. Few, though, are fleeing the profession. And many still are investing the tuition money and years of their life matriculating for the MFA.
The majority of us write because we have to write. It's the way we operate. I can't remember going a day without writing. Even when making the journey from the East Coast to the Southwest by car I wrote in the morning and in the evening.
Wage deflation won't deter writers.