54% of Millennial Women are Living Paycheck to Paycheck
According to a 2016 Wells Fargo study*, 54% of millennial women said they were living paycheck to paycheck. How will their financial future fare?
There are significant differences in both earnings and the financial outlook for millennial men and women. Generally, millennials as a whole value jobs they love more than a higher income and benefits. This lifestyle preference interrelates with the wage gap between men and women, where a typical millennial male's median income is $39,100 versus a typical millennial female's at $28,800.
While earning less than men, 54% of millennial females disproportionately live paycheck to paycheck compared to 43% of men. Joe Ready, the director for Institutional Retirement and Trust for Wells Fargo, said, "it’s important that younger women focus on saving and investing now, as this strategy will help put them in good standing for their retirement years," given that the wage gap exists.
However, appealing to the millennial generation overall about saving for retirement needs more than a simple lecture. To truly have an impact on behavior, it is more helpful to offer assistance with broader financial topics, such as budgeting, to help break the paycheck to paycheck cycle.
Want to break the cycle today? Contact Relate Finance for personalized advice for your lifestyle from a trusted, professional financial advisor.
*The Wells Fargo Millennial study was conducted by GfK and surveyed over 1,000 U.S. adults between the ages of 22 and 35, with an additional oversample of 500 Hispanic millennials for comparison purposes. All respondents were employed full- or part-time, or self-employed.