Connect with us

News

Gender Pay Gap Falls To 5% For Millennials In Their 20s

Published

on

Gender Pay Gap Falls To 5% For Millennials In Their 20s

The gender pay gap for millennials in their 20s has been cut in half in a generation to just 5 per cent, but lots of that progress looks set to be undone with early signs showing that the gender pay gap continues to escalate as women enter their 30s and 40s.

This suggests that millennial women will still earn significantly less than their male counterparts over their careers, according to new analysis published today (Wednesday) by the Resolution Foundation as part of its Intergenerational Commission.

The analysis tracks the typical hourly pay of different generations of women – from as far back as the greatest generation (born between 1911 and 1925) – over the course of their careers, compared to that of their male counterparts.

It shows that the gender pay gap has closed for every subsequent generation of women. This reflects positive trends, including rising higher educational participation which women in particular have benefited from, and more women breaking into high-paying industries and occupations.

However this analysis also highlights that key challenges remain, notably the enduring pay penalty associated with having children. Unless tackled this will mean that current and future generations of working women will continue to face a significant life earnings penalty.

Looking at women’s early careers, the analysis finds that baby boomers (those born between 1946 and 1965) experienced a pay gap of 16 per cent during their 20s. That gap fell to 9 per cent for women in generation X (born between 1966 and 1980) and then to 5 per cent for millennials (born between 1981 and 2000).

However, despite this progress in the early career phase, the gender pay gap continues to rise rapidly for women in their 30s and 40s. Among baby boomers the gender pay gap rose from 21 per cent at the age of 30 to 34 per cent by the age of 40, after which it started to fall. For generation X the pay gap increased from 10 per cent at age 30 to 25 per cent by the age of 40.

The gender pay gap for millennials rises steeply to 9 per cent when they hit 30, only very marginally lower than the gap for generation X-ers at the same age. This suggests that the old challenges associated with having children endure for young women today, says the Foundation.

The Foundation says that as men and women work for longer, tackling the gender pay gap at all stages of women’s careers will hold the key to reducing the lifetime earnings penalty they continue to face.

This means action to address the fact that having children carries such a sharp and long-lasting pay penalty, and exploring how both women and men can maintain or start new careers in later life, particularly if they work into their 70s.

Young women today face relatively little disadvantage in terms of their pay packets compared to what their parents’ and grandparents’ generation faced

Laura Gardiner, Senior Policy Analyst at the Resolution Foundation, said:

“Successive generations of women have benefitted from slow but steady progress in closing the gender pay gap.

“Young women today face relatively little disadvantage in terms of their pay packets compared to what their parents’ and grandparents’ generation faced.

“But while many millennial women haven’t experienced much of a pay gap yet, most probably will once they reach their 30s, when they start having children. What’s more this pay penalty is big and long-lasting, and remains for younger generations despite the progress in early careers.

“As people continue to live and work for longer, it’s important that businesses, policy makers and civic society continue to focus on closing the gender pay gap at all ages, and for every generation.

“After all, small hourly pay gaps quickly grow into large lifetime pay penalties that can leave women hundreds of thousands of pounds worse off over the course of their careers.”

Environment

How Climate Change Altered this Engineer’s Life

Published

on

how climate change affect our lives
Shutterstock Licensed Photo - By Rawpixel.com -- https://www.shutterstock.com/g/rawpixel

Living the life of an engineer likely sounds pretty glamorous: you are educated and highly regarded, typically have high paying gigs, and with the breadth of knowledge and array of fields of specialty, your possibility for jobs is usually immense.  But what if there was something else that needed your attention? Something bigger than just being an engineer, going to work every day and doing the same technical tasks typically associated with the profession?

For Kevin McCroary, that is exactly how it played out.  A successful engineer, gainfully employed in a prosperous job, a simple trip to the Philippines made him see that there was a bigger issue at hand than using his engineer training in a traditional profession.  This bigger issue was that of climate change.  And working as a volunteer for underprivileged children in the Philippines, he saw first-hand the extensive pollution and poverty that existed here and that impacted the livelihood of these kids and their families.

Upon returning home, from his trip to the Philippines he had a new perspective of the impact we as individuals and as humanity have on the earth, and more than that Kevin wanted to know more.  He started to do some research and study these human-environmental interactions, and shortly thereafter ended up in Greenland.  There, he spoke to a man who had lost his home in a tsunami, and, who, through consistent weather tracking could indeed confirm that the current weather trends were “strange:” there was undeniably a general warming tendency happening in the arctic, causing an array of negative effects.

The combination of these observations, as well as his own research, led Kevin to conclude that something had to be done.  With that in mind, he launched his project Legend Bracelet.  The mission is simple: create a reminder of the legacy we are leaving behind.  As individuals and as humanity, we are leaving behind an imprint on the earth, and the magnitude of it is something that needs to be brought to the forefront of public awareness.  The idea is to have a bracelet that can serve as a daily reminder of the impact on the earth that each of us can have every day, regardless of how big or small.  The bracelet has two capsules: the first is filled with sand or earth, and the second is empty.  As the owner, you are to fill the empty one with your own earth, carrying it with you as a reminder and symbol of your connection and commitment to helping look after our environment.

We are all impacted by climate change, and we all have a responsibility to help.  And it can start with something as simple as putting on a bracelet.  Support Kevin on his Kickstarter campaign for Legend Bracelet, tell others about it, or take action in your own way and play your part in slowing down the effects of climate change.  You may think “but I’m just one person!” You are indeed.  But so is he.  Every change starts with one.

Continue Reading

Lifestyle

5 Things You Can Do Yourself to Improve the Value of Your House

Published

on

home renovation and improvement
Shutterstock Licensed Image - By Stock-Asso

Whether you want to own it or list it, every once in a while, a house needs a facelift. This will not only improve quality of your life but will capitalize your home’s value significantly, too.

The best way to improve home value by yourself is to upgrade only what is necessary and nothing more. For instance, why would you buy a new bathroom door when a little retouch and a coat of fresh paint will suffice? By taking this approach, you are allowing yourself to make several small improvements instead of venturing just one or bigger ones. Select projects thoughtfully and know when you should stop.

Pitch in for the kitchen

If you really want a return on investment one day, start in the kitchen. By many, the kitchen still represents the heart and the soul of the house, the central hub of a property and it will all on its own add colossal value to your home. Moreover, the kitchen can be a breaking point in selling the house, so you should not hold on to your wallet in this area.

There are many little things you can do to spruce up the overall image of your kitchen. You may paint the kitchen cabinets, replace old door handles, add additional storage space with a sliding wall or a kitchen island if there is enough room for it. In addition, you may open the living space up by taking a kitchen wall down. Possibilities for do-it-yourself are many.

Add an attic or a basement bedroom

Properties are usually valued by two things: land size and the number of bedrooms. The price range between a three to four-bedroom home is two to four hundred thousand. Since you can’t change the size of your land, you can at least increase the number of bedrooms.

If you are prepared to go full-scale, converting the attic or the basement into the bedroom is another especially favored project that will by far boost up your home’s value once you decide to put it on the market. Until you decide to list it you will enjoy in your own extra space for entertainment, living, sleeping, playing, exercising, or whatever you fancy.

Transformation with paint

If your walls have scrapes and stained paint, a vintage color or shabby wallpaper, several cans of paint can make a striking distinction. In order to increase the value of your home, it is recommended to go with neutral colors that will unify the whole house and make the space visually bigger.

transformation with paint

Shutterstock Licensed Photo – By Poznyakov > https://www.shutterstock.com/g/poznyakov

Bottom line, nothing can transform a home like a cast of fresh new paint. It is the number one way to beef up a property value of any budget. Additionally, painting the house is still one of the easiest, fastest and highest value drivers.

Secure with style

All of your effort and money would be wasted if you can’t protect the investments you made. A good security door costs as little as a few hundred dollars but if it saves you just once from being robbed it instantly pays itself off. People avoid putting security screens on windows because they mostly do not look stylish enough, but there are other options, such as installing shutters. There are so many elegant and cool shutter options that we found at Independent Blinds & Awnings that it’s really hard not to find something for you.

Basic maintenance for a worry-free mind

A clean house is a healthier house for you and your family. By making a clean house your number one on the list for improving, you accomplish a couple of things at once.

First, you stay on track with maintenance issues and, consequently you are able to recognize future problems before they become costly ones. Secondly, you don’t allow dirt and garbage to pile up over time. Thirdly, smudged, dirty windows can have a bad impact on the overall perception of the house. Same as eyes are windows to the soul, windows are for the home. Therefore, you need to wash them properly.

Spice up the landscaping

Big backyard is an all Australian dream and still, it is more often than not the most ignored area of the house. However, landscaping is really important as it frames a property from every corner.

Simple, low budget cosmetic changes in the front yard including installing garden beds, adding plants, pebbles or mulch, and paving or painting the front walls will positively lift the curb appeal as well as the property value. As for the backyard, you may span a lawn to create more open space for you and your family to move freely, cut and reduce unruly trees and vegetation, and fix the fence if needed.

Adding value to your home through a cosmetic or structural renovation is an actual way to quickly enhance your money invested in a property. In the end, you need to make sure that if you will continue to live in the house and renovate, that your renovations will contribute to a good lifestyle and that it will give the impression of a “ready to move in” property once you decide to list it.

Continue Reading
Advertisement

Facebook

Trending