When it comes to how much money they make, historically a taboo topic, millennials are less reluctant to share salary information than baby boomers, based on a study from personal finance blog The Cashlorette.
Americans ages 18 to 36 say they discuss how much money they make with their immediate family (63%), a friend (48%) and even coworkers (30%).
Thirty-three percent of older millennials, ages 27 to 36, say they share their salary with their colleagues. That is more frequently than any other age group, and four times more often than baby boomers, ages 53 to 71 (8%).
Baby boomers (71%) are most likely to share what they make with their spouse or significant other.
“We’re definitely seeing more transparency when it comes to salaries. And, it’s likely for the better,” said Sarah Berger, founder of The Cashlorette. She added:
Knowing what your friends and colleagues make in a similar field is empowering in making sure you’re being compensated fairly and gauging when it might be time to move on or request a raise. However, important to remember that in many fields, your salary is determined by factors other than just your job title, like experience or work performance.
In general, 64% of Americans tell their spouse or significant other how much money they make, 51% share with their immediate family members, 36% tell friends and 20% inform their coworkers what they earn.
The study found that higher earners are more likely to tell their spouse/significant other, family or friend what they make. Those who earn $30,000 or less are most likely to discuss their salaries with coworkers
Princeton Survey Research Associates International obtained telephone interviews with a nationally representative sample of 1,001 adults living in the continental United States from September 21 to 24.