Well, here’s some good news to dispel the dark “tolls” cloud currently looming over our finances. As it turns out, millennials make pretty decent salaries in our state.
CreditSesame compared millennial salaries in cities over the U.S. and pinpointed the top 25. So, if you live in the Stamford/Norwalk/Bridgeport metro area… congrats! You make the 5th highest salaries for millennials in America.
Unfortunately, average salaries all over the nation kinda suck for us young folk. Basically, millennials make a fraction of what the prior generation makes.
And, considering all of us are now a part of the labor force, this is a major concern. Hey, our generation spans from 1980 to 1995. A brunt of us started work over a decade ago. Ergo, fact that our salaries still suck a good 10 years AFTER joining the workforce does justify why we supposedly killed so many industries.
Also, speaking from a historical perspective, the next generation typically earned better salaries than the one that came before it. This is the first generation where that didn’t happen! About half of this generation managed to uphold the financial tradition.
Millennials make about 20 percent less than what their parents made when they were the same age. But, now we have the numbers to prove it!
The average millennial, according to this CreditSesame report, earns around the $30k area. But, there’s some metro areas where they make just a tiny bit more.
For example, in the city where millennials make the most money, the average salary is $45,401.
In the Bridgeport metro area, which ranked 5th overall, millennials make an average salary of about $39,240. However, when considering our high cost of living and skyrocketing inflation, that number isn’t impressive at all.
It’s also a very far cry from the average adult salary, which is $89,037.
In fact, it’s a little bit insulting. When you live in a state with exorbitantly high taxes, that nearly $40k salary barely covers the basics. In addition, our state barely moves personal incomes forward. In fact, they shrank last year!
Hence why more millennials opt to live with their parents longer or delay marriage and kids. Only 4 in 10 young adults are married.
On top of that, my generation earns their diploma while heavily in debt. That complicates buying a house or a car.
Also, here in CT, the millennial makes up over a third of the workforce. That number will only go up as boomers reach retirement age and become permanent snowbirds.
So, what does this mean for CT? Well, if salaries manage to catch up with what’s historically expected of them, then nothing.
If not, it’ll only further our state’s mass exodus. When people work for years on end and don’t see a single raise, they leave.
While it’s awesome CT placed 5th overall in terms of salary, it also shows a weakness in our workforce. It also means a further crippled economy, which affects everyone.
What do you make of this study? Are millennials woefully underpaid or should they be grateful they’re making any money at all?