Wage Gap Will Cost Millennial Women $1 Million Over their Careers
- ID: Q069
Millennial women are the most educated generation of women in the United States and are now more likely than men to have a college degree. At the same time, progress on closing the gender wage gap has stalled for nearly two decades, indicating that unequal pay continues to be a challenge to new generations of women workers.
Figure 1. Earnings for College-Educated Millennials Projected to Age 60
For the Millennials (born 1980-1984) with Bachelor’s degrees or higher, who work full-time, year-round:
- At age 25, women were earning $44,119 and men were earning $49,050. (Female-to-male ratio =.90 or 10 percent gender wage gap.)
- By age 37, women were earning $61,278 and men were earning $83,747. (Female-to-male ratio =.73 or 27 percent gender wage gap.) Between the ages of 25 and 37, college-educated Millennial women would have lost $172,728, compared with men, if they had worked full-time, year-round in every year.
- Projected to age 60, assuming the college-educated Millennials experience earnings growth similar to similarly educated women and men that came before them, women would be earning $73,136 at age 60 and men would be earning $121,061. (Female-to-male ratio =.60 or 40 percent gender wage gap.) Between the ages of 25 and 60, college-educated Millennial women, compared with men, would have lost more than a million dollars—$1,066,721 —if they work full-time, year-round in every year.
Table 1. Cumulative Losses from Gender Wage Gap for College-Educated Millennial Women Born 1980-1984
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