#trending

women smiling

The pay gap isn’t looking too good for millennial women. According to  a new survey conducted by Wells Fargo found that men ages 22-33 have a median household income of $77,000. But on the flip side women only had a median household income of $56,000 — which was 73% of what men were earning.

Millennial women with college educations managed to close the gap ever so slightly by bringing in a median household income of $63,000, which is 76% of the income of millennial college educated men ($83,000).

As women still fight for equal pay for equal work, it’s still a reality that women are still far behind men when it comes to salary.

From Wells Fargo:

As millennial Americans have experienced the effects of the Great Recession of 2008, a strong majority (80%) say it has taught them they have to save “now” to “survive” economic problems down the road. Despite this generation’s reported lesson, 45 percent are not saving for retirement, while slightly more than half (55%) are saving. The savings picture varies by gender with 61 percent of men and 50 percent of women reporting that they are saving. This difference in saving rates may hinge on the fact that the median annual household income reported by millennial men is $77,000 versus $56,000 for women. For college-educated millennials, median annual household income is reported to be $83,000 for men and $63,000 for women. About half of all millennials report they are “satisfied” with their savings at this point in their lives, but the gender discrepancy is pronounced, with 58 percent of men feeling satisfied, versus 41 percent of women.
These findings are part of the 2014 Wells Fargo Millennial Study, conducted online by Harris Poll on behalf of Wells Fargo, released today at a Women’s Institute For A Secure Retirement (WISER®) forum in Washington, DC. The survey was conducted among over 1,600 U.S. adults aged 22-33 (“millennials”), and among over 1,500 U.S. adults aged 49-59 (“baby boomers”).
“The silver lining of the recession that started over five years ago is that a majority of millennials get that saving is a necessity and even equate it with ‘surviving’ tough times. But millennial women are starting out their working lives making far less than men and, as a consequence, are saving less and feeling less contentment at the start of their working lives,” said Karen Wimbish, director of Retail Retirement at Wells Fargo.
Tags: , ,
Like Us On Facebook Follow Us On Twitter
  • Ask_Me

    I call bullspit on this study. I only know a hand full of people between 22-33 who are making $56k-$77k…..and they are White and Asian. Everybody else is making 28k-42k at that age….and that goes for both genders who are college graduates.

    • Brad

      Wow, they must be in fields that don’t require a degree at all.

      Starting teacher salary in Florida is about $37,000/ year. After 10 years or at about age 33 a teacher with just a bachelor will be making over $45,000/ year. A nurse or anyone in allied health(Nursing, PT, OT, Respiratory Therapy, Hospital management) will be making the $56,000 – &77,000 a year in less than 10 years.

      Then anyone working in the IT field(software development, testing, Business Analyst will make in that range. Even Public Relation, Business marketing can make that easy in less than 10 years.

      All those are fields in which a lot of woman go into….

    • Ask_Me

      These are folks with college degrees who cannot find adequate employment. So, they are forced to work in fields that don’t require degrees.

      I know people who have graduated from law school. Yet they only make 40k a year.

      I know people who studied nursing who are unemployed. One woman can only find part-time work as a nurse.

      Somebody out here lying about pay for certain positions and the economy. The game has changed. Once in demand fields don’t carry the same weight.

      The people i know who are making over 56k come from money and have networks to help them get a leg up, work for family, or own a business.

    • Brad

      Wow, that is crazy…

      I know a few people coming out school today getting employed in there field. I also know a few cases where they are coming out and working as teachers until something opens in there field. Because due to turn over, they are highering teachers constantly.

      I know it is different based on where you live. In Georgia it may be harder for a nurse to get employed than in Florida. I think that in some cases you have to cast a wide net and be willing to apply for employment every where in the country.

      Like for instance I know a young black woman who is a Pharmacy tech and can’t find work in California but, I know for a fact in Florida she wouldn’t have any issues. There literally is a mom and pop Pharmacy on every corner.

      Of course I know people graduating with Pharmacy degrees who are hired before they graduate.

      Maybe it’s just casting a wider net but, I don’t think all these people coming out with good degrees are sweeping floors.

    • Me

      true. but college graduates are still the minority. most folks don’t have college degrees. so it seems hard to believe that grads are skewing these numbers so high.

    • I think when I graduated undergrad, the starting salary for most students entering engineering at the entry level at the low end was 40K. However, some people who were fortunate to be hired by GE or even Lockheed Martin would have salaries $50,000 and slightly above. At the height of the dot.com boom, some people started in IT at around 60K. However, times have changed and I think the recession has depressed everyone’s wages across the board. It is getting harder to attain jobs even in the engineering profession. Students almost have to have a Coop with that same company if they hope to get a decent chance of attaining an entry-level position — and even that is not a given. You also have to consider the fact that not many companies are not training these days and colleges and universities only provide more knowledge versus actual skills. Therefore, this put newcomers at a disadvantages. For midlevel employees, the main issue is contending with the laundry list of qualifications and requirements listed for positions. Many employers see the overall “oversupply” of labor and use online database to collect huge amounts of applications — therefore putting the need to be realistic in their expectations on the back burner. As long as there is an “oversupply” of labor versus available jobs, I don’t see the job market getting much better for people in need of jobs. The only way that will happen is if a mass exodus of Baby Boomers retire from the workforce given that Republicans are hell bent on blocking any jobs bill.

    • Brad

      “Students almost have to have a Coop with that same company if they hope to get a decent chance of attaining an entry-level position — and even that is not a given.”

      Yes, Co-op positions and internships are more important for Engineering/Architecture/IT jobs than ever before I do agree with that.

      I myself graduated in Aerospace Engineering at the end of the cold war and where the starting salary was only about $36,000/year. Still had to work for a couple of years as a sub-teacher before getting into the field.

    • I started off in manufacturing/procurement. I had to fight to get into energy and research. I am still fighting to stay in that field.

    • Brad

      I hear that, I am in Simulation and Training myself so technically it’s not Aerospace Engineering in that I design and make aircraft.

      Here I was thinking things were bad in Engineering when I graduated way back when.

      I was ecstatic when my oldest got a “paid” internship in her field, because I know it may help even the odds in the couple of years when she graduates.

    • I’m in Simulation and Training myself here in Orlando! The STEM area is booming here!

    • Brad

      Shout out goes to “Research Park” then I guess huh?
      Small world I work over in the Leidos Bldg. on science drive…

    • I work in Research Park in the Leidos Bldg myself! The South building! Maybe we’ll run into one another at the food trucks

    • Brad

      Yea, I think we already have talked at the food truck before you like a po-boy shrimp sandwich or something like that.

      FAMU grad right? as I said small world…

    • YES, I know exactly who you are!!! Small, Small World! WOW!

    • Brad

      ;-)

    • I have been doing a combination of simulation and experimental work. I would love to work in the Orlando area. I was surprised at the number of companies focused on the manufacturing and developing of gas turbines located in FL versus GA.

    • You should definitely look in the Orlando area if you’re trying to get deep into Simulation. There are endless opportunities!

    • Brad

      Yeap, there’s a lot of simulation work in Orlando for sure…

    • tigerthelion

      well, they’re talking about median incomes. unless you have a really, really big circle of friends, the experience of the few people you know will not be a representative sample of the general population. how much you make also depends a lot on where you live and the work you do. a person living in silicon valley is going to be making a lot more than someone in Cleveland.

    • Me

      median income means 50% of millenial guys are making over 77k and 50% of millenial women are making over 56k. i’m w/ask_me… that sounds like some b/s stats.

    • Ask_Me

      Thank you.

    • tigerthelion

      “The 2014 Wells Fargo Millennial study was conducted online by Harris Poll on behalf of the Wells Fargo Wealth, Brokerage, and Retirement (WBR) team between April 15 and May 2, 2014. Survey respondents included 1,639 millennials between the ages of 22 and 33, as well as 1,529 baby boomers between the ages of 49 and 59. Oversample completes were collected for millennials and baby boomers in the Charlotte (134 millennials, 151 boomers), Minneapolis (156 millennials, 157 boomers), Atlanta (157 millennials, 160 boomers) and NYC (150 millennials, 158 boomers) markets. Results were weighted, as needed, to represent the most recent U.S. Census data based on: age, sex, race/ethnicity, education, region and household income. ”

      of a sample size of 1639, it’s easy to see why the findings from the study doesn’t tell you much. neither can they make the claim that it’s a representative sample. given that it’s an online survey, how are the likely candidates to respond to such a study? are those with jobs more likely to respond to the survey? sure, people can lie about their income but at the same time, it’s possible they’re making this much money, giving the sample size.

    • Me

      whether it’s jacked up sampling or straight up lying. common sense tells me that 50% of millenials are not making 60K+… if that was the case all that talk about recession & such would be strictly about older folks struggling. instead we got articles talking about young folks living at home longer, having a hard time affording a home, high unemployment, shrinking middle class etc etc etc… this study is foul. that’s all i know.

  • Cumberbatchfan

    I too call bullsheet. The average 20/25 yr old ISNT MAKING 70k! That’s an impossible satistic since the AVERAGE AMAEROCAN MAKES 32k A YEAR!

    And we allll know our generation isn’t making more than our parents. Studies have proven own and time again that we aren’t making as much,we don’t buy cars,we don’t buy houses and we aren’t having children.

  • Pingback: 911 Dispatcher Tells Sexual Assault Victim To “Quit Crying” | sexynewz.com()

  • Pingback: The Pay Gap Sucks For Millennial Women | Clutch...()