HOUSEHOLD EARNINGS 3
Running Head: HOUSEHOLD EARNINGS 1
Generational Household Earnings
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In the United States, people, as young as twenty year and above, start generating income from various economic engagements in the country. An article published by Pew Research Center, Young adult households are earning more than most older Americans did at the same age, shows that young adults aged between twenty-two and thirty-seven years earn more than the older Americans at the same age. In the present American society, we have an integration of people from three generations. Baby boomers are the individuals born between 1946 and 1964, Generation X were born between 1965 and 1976, Generation Y (Millennials) were born between 1977 and 1995, and the New Generation, or Centennials, born between 1996 to date.
The growing trend in household earnings in America depict that young adults earn more than what their elders used to earn at the same age and time. The research was presented by the Pew Research Center that confirmed the finding with enough statistical data and trends that detail the earnings graph between the two parties. The research was done by Pew Research Center, and it is a reliable and trustworthy source. The research does not portray any incident of conflict of interests in the data they present about the study. It is evident that no conflict of interest affected the research work by the institution. They presented clear and accurate data that project the reality on the ground pertaining to earning trends between millennials and baby boomers at the current age of Generation Yers. No other bias information is witnessed in the study carried out by Pew Research Center that might compromise its validity and reliability.
Pew Research Center have no bias that might affect the interpretation of the information presented concerning the topic on earnings between millennials and the older generation at the same age. The institution uses trustable methods for collecting the data, for instance, conducting surveys, and applying a combination of public opinions and research with economic and demographic analysis. The methods applied in the study give accurate and reliable information that is easy to interpret, which is not misleading.
The research work presented in the article does not clearly define its sample group, but there is a generalization of the samples, for instance, the study is based on Generation Y, aged between twenty years and thirty-seven years, Generation X who are thirty-eight to fifty years, and baby boomers aged between fifty-seven and seventy-two years. All the groups generate income through employment and other activities. According to the research by Pew Research Center, Generation Yers womenfolk are hugely responsible for the growth of household income among young adults in America.
According to Pew Research Center, millennial women are working more thus generate more income than young women from the previous generations who did not work more hence did not earn more than the millennial women. In 2017, millennial households recorded the highest earnings never achieved by individuals from the older generations at the same age. Generation Yers recorded an average household income of sixty-nine thousand dollars, a peak high ever achieved at the same age by other previous generations. Moreover, the baby boomer generation also had a record high in household income in 2017 than the baby boomers of 2007, with a difference of over one thousand, five hundred dollars.
The research shows that Generation Yers, specifically women, worked more in 2017 than the way women at the same age bracket worked in 2000. Therefore, millennial women are partly, in a huge way, responsible for the higher household earnings that the previous generations. Furthermore, the research noted that millennial women representing seventy-eight percent of the working populace worked fifty hours a week a year, while the women having jobs at the same age in 2000 represented seventy-two percent of the workers in the United States. The study also established that young adult women were paid more in 2017 than their counterparts were in 2000; this has also contributed to young millennials earning more than the other two generations at the same age. The earnings for millennials stood at an approximate of thirty-nine thousand dollars in 2017, a rise from the thirty-seven dollars average income in 2000.
However, the notable findings cited by the article indicate that the trend of two people per household has been sloping, from fifty-seven percent in 2000 to fifty-five percent in 2017. Also, young adult households with two earners has dropped from forty-nine percent in 2000 to forty-four percent in 2017.
The trends in earnings among the groups involved in the study has be observed for fifty years, that is, 1967 to 2017. One of the data sources was information acquired from the Federal reserve research work. From the research, it is evident that more work and more pay brought about the differences in earnings between generations. The causative factors for this trend in household earnings are increased wage rates in the industries, and economic, social and political developments experienced in the country.
In a nutshell, Generation Yers have proven to be more hardworking than the previous generations at the same age. This has contributed to their higher earnings than their counterparts at the same age.