It's a bold headline, but a recent survey from Wells Fargo surfaced stark and ominous data that the income gap between genders is growing and young people should react.
Then I picked up a copy of the findings of a new survey of millennials by Wells Fargo, and my jaw dropped. The bank didn’t set out to study the gender pay gap or anything specific: they just wanted to figure out how to better pitch their products and services to millennials, who are a big and potentially profitable new market. En route to that goal, surveying more than 1,600 millennials, Wells Fargo stumbled over some data that no one expected – least of all Karen Wimbish, director of retail retirement at the bank. “I thought that if ever there was a group that would have some parity of income, it would be this one,” she says, almost mournfully. Instead, the income gap for millennial women actually looks slightly wider than the national average – even for young women just finishing college and entering the workforce. Millennial men reported having median annual household income of $77,000; women as a group reported their income was $56,000: for every $1 the men earned, women earned about 73 cents. College-educated women fared slightly better: while their male counterparts pocketed a median income of $83,000, they reported earning $63,000, or about 76 cents for every dollar. No wonder only 41% of women reported feeling “satisfied” with their savings (compared to 58% of the men): it’s harder to even start saving when you start off with a heck of a lot less money.