American men in their 30s are earning less than their father's generation did, challenging a long-held belief that each generation will be better off than the one that preceded it, according to a new study published Friday.[5/25/07]
So, how many of you, out there, are better off than your parents at a similar stage in life?
Relying on Census Bureau figures, the study's authors found that after adjusting for inflation, men in their 30s in 2004 had a median income of about $35,000 per year, for a 12 percent drop compared with $40,000 per year for men in the same age group in 1974.
I definitely fall into that category, as I'm making 50% less than my father did at the same age. Although I don't doubt that the economy has much to do about it, my career choices also bear much of the blame. My dad was, then, an IT manager for a decent-sized corporation, I'm a technician in public broadcasting. It's a world of difference, pay-wise.
I wonder if the shifting male college graduation rate has anything to bear on this issue? The Pell Institute did a study, finding a growing gender gap in higher education (PPT file here). This definitely amplifies the overall impact of the economic changes, if you look at the effects on various education levels:
Alright, men, got get those Bachelors and Masters degrees!
I think that the difference is also more acute now, due to fuel prices (in turn making everything else expensive), healthcare/insurance costs, and the shifting onus of retirement saving/planning.
What do you think?