Despite a constant rise in earnings, women aren’t seeing the same gains as men.
US Census Bureau data shows that for the last few years, earnings have been going up, or in some cases stagnating. In fact, the real median household income increased for four years in a row as of 2018. However, according to a recent report from Magnify Money, when it comes to pay raises and promotions, women are still behind. During the last year, 59% of Americans received a pay raise. Of those who received the raise, about half got it alongside a promotion. However, broken down by sex, 64% of men reported receiving a raise, while only 52% of Women did. Even worse, 54% of men received a promotion with their raise, while only 37% of women reported the same.
When considering the reasons behind this disparity, the study found that the data strongly suggests that women had fewer opportunities for raises and career advances during the last year. This fact has had a ripple effect over the years that has left women with significantly less saved for retirement compared to men.
Despite how old and sad this news may be, there is some good news as well. Millennials are moving up in the world, and that group reported receiving far more raises than any of the older generations.