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Wells Fargo Survey: Female College Grads Earn Less than Men

Millennial women still feeling the effects of the gender pay gap

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While some millennial women may feel that their generation will no longer be on the receiving end of the wage gap after college graduation, a recent survey released by Wells Fargo proves otherwise.

According to the survey, female college graduates earn $20,000 less than male college graduates, with men earning $83,000 per year compared to women who earn $63,000. When asked about their saving practices, only half of millennial women reported that they save money, while 61 percent of men reported that they were saving for retirement.

“We certainly did not expect to see this wage gap for this generation and this age span,” Karen Wimbish, who leads the Retail Retirement Group at Wells Fargo tells Forbes.

Winbush adds that with more females graduating college than men, and more women putting off starting a family to focus on their career, the fact that a large pay gap still exist among millennials is a bit surprising.

While employment discrimination within many industries plays a huge role in the wage gap, one Harvard University study shows that millennial men and women entering the same profession earn around the same salary until they start to form families.

Hopefully, with more and more women shifting their early focus to careers rather than family, we will see a spike in more women negotiating their salary, while also making smart investments for their future.

SOURCE: FORBES