New Research Shows How Much Millennials Make Across America
Finance| | By Margo Gothelf
If you think younger generations complain too much about how tough things are in the economy, you should pay extra attention. Millennials are growing up during a more difficult economic time than past generations, according to new research. Student debt is at an all time high and the job market is the most competitive it has ever been. With all of those issues factoring in, young people are making less than their parents did at a similar age. So what is the average millennial making?
A recent study done by Business Insider revealed the median income for millennials varies depending on the state they live in. The income ranged anywhere from $18,000 in Montana to $43,000 in Washington, D.C. According to the Pew Research Center, a millennial is an “Americans born between 1981 and 1997.” They currently represent about one third of the population. The data was collected from the Minnesota Population Center’s 2014 “American Community Survey” in the Integrated Public Use Microdata Series. Business Insider then complied the information to show the data state by state in terms of salary. They also added that the data may be skewed due to the youngest millennials still being in college or only working part-time jobs. Currently, millennials have a harder time trying to save money and investing than previous generations. Part of this is due to the 2008 financial crisis, hitting at a prime time for millennials. A recent study from Harvard showed “that only 11 percent of millennials trust Wall Street, and are twice as likely to seek financial advice from their parents instead of a bank,” shared ATTN.
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