Millennials–young adults between the ages of 22 and 37–are earning more money than their same age group did at nearly any point in the last 50 years, according to a recent Pew Research Center report. The report is an analysis of new US census data, which was used to study how household incomes have fluctuated over time.
SEE: Payroll services comparison tool (Tech Pro Research)
Household incomes accrued by Baby Boomers (ages 54 to 72) are at record high levels according to the report, while Generation X (ages 38 to 53) households haven’t see much of a change in peak earnings when compared to past households, the report found.
After American household incomes bottomed out in 2011, the numbers are finally starting to rise again, according to the report. The increase can be largely attributed to the number of female employees in the workforce, which has grown tremendously, even in the past decade.
In 2017, 78% of women in millennial homes worked a minimum of 50 weeks out of the year, versus the 72% of Gen Xers in 2000, according a recent Federal Reserve study. Additionally, women working full time currently earn a median of $39,000, while they earned $37,100 in 2000. While this increase may not seem significant, it does show some improvement for women in the workforce.
The gender wage gap isn’t the only disparity women have endured in the workforce. The majority (67%) of women in the tech industry alone feel underestimated or not taken seriously by male counterparts at work, according to a recent Paychex report. This issue, as well as the pay problem, can be traced down to past gender stereotypes and biases.
While fighting for better pay and treatment has clearly paid off, so to speak, there is still a long ways to go. Women under the age of 40 earn an average of $0.79 to each dollar earned by a man in 2017, according to Visier Insights. And in 2016, women earned $0.82 to every dollar earned by a man, proving that wages are still fluctuating and evolving, the report found.
Check out this TechRepublic article for five tips on how to address the gender pay gap.
The big takeaways for tech leaders:
- Millennials are being paid more for job positions than their older generation counterparts were. — Pew Research 2018.
- Women are leading the pack as they are occupying more and more jobs across the workforce. — Pew Research, 2018.