Women are fueling a resurgence in millennial household incomes

Posted On March 5, 2019

We all know the economic issues with which the millennial generation has been saddled. We’ve all heard the stories of millennials moving back in with their parents and struggling to make ends meet while paying off exorbitant student loans.

But there is good news: According to the Pew Research Center, incomes are rising and millennial households now earn more than young adult households of any generation in the last 50 years.

The median income for a millennial household in 2017 was $69,000, less than $10,000 lower than the typical Baby Boomer household (just over $77,000). Generation X households, enjoying their peak earning years, were significantly higher at nearly $86,000.

Pew researcher Richard Fry sees this growth as being largely driven by millennial women, who are working more and earning more than young women of previous generations.

Forbes contributor Neil Howe notedlast year that millennial women are not only more educated than previous generations, but “are also outpacing men in educational attainment.” Nearly 30 percent of married women ages 25-34 earned more in 2017 than their husbands, he added, and the gender wage gap has narrowed considerably.

There’s room for even more growth. Women – and millennial women, in particular — still remain underrepresented in STEM fields like engineering and computer-related jobs. While there are many programs on the high school and college levels geared toward attracting young women into STEM fields, another Pew study last yearfound that half the women it surveyed in STEM jobs experienced gender discrimination at work and 20 percent believed their gender made it more difficult for them to succeed.

There are still hurdles for women in the workplace, but their increased levels of education and increased desire to make their mark in the workforce are propelling a resurgence in household income levels for a generation that sorely needs it.

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Blog, Generation Y / Millennials, Wealth, Women, Work