Here's How Much Money Millennials Are Earning in Each State
Millennials aren't earning as much money as their parents did when they were young.
They came of age during tough economic times - student debt has reached an all-time high and the job market is more competitive than ever.While this is bad news for the millennial generation as a whole, it is especially so for millennial women, who still face a gender wage gap.
The Institute for Women's Policy Research recently analyzed data from the US government and released a report that provides state-by-state comparisons of women's earnings and several compelling charts.
One of the charts reveals the average income of millennials (defined as those aged 16 to 34). "In 2013, the median annual earnings for millennial women working full-time, year-round were $30,000," states the report, "compared with $35,000 for their male counterparts."
They earned less than millennial men in all but one state - New York. Between 2011 and 2013, young women in the Big Apple made $38,319, while men earned $37,542.
Ariane Hegewisch, the director of the study, elaborates on this stat: "Women are a third more likely to have a university degree than men in New York. That's the big reason for the finding," she explains to Business Insider. "You also have a lot of lower earning men in large cities, which makes a difference. It's a mixture of a low wage labor market and the fact that young women are taking up the opportunity for professional work and going to New York to work in those sectors."
She does point out, however, that, "given their qualification profile, women should make more."
Check out the full chart: