Here's Why Millennials Want to Know How Much You Make
Millennials are not shy about revealing their salary with their co-workers or friends and open to sharing what they earn unlike their counterparts, Gen X-ers.
A study from TheCashlorette.com, a New York-based personal finance website for young women, found that people who are 18 to 36 years old will talk about how much they make with their immediate family with 63% who agreed while 48% tell their friends and even 30% will share the information with coworkers.
While in the past discussing salaries and benefits have been verboten in the office, many Millennials, especially ones who are 27 to 36 years old said they have no problem and 33% do not have any issues in talking about it. Only 8% of Baby Boomers who are 53 to 71 years are willing to share the data with their colleagues, but 71% of them will tell their spouse or significant other.
The increase in transparency is a positive move because it empowers employees so that they are aware of what their counterparts receive and if they are receiving the right compensation, said Sarah Berger, founder of TheCashlorette.com.
Millennials need the information in order to determine whether they should ask for a raise or seek another position at another company, she said. They also do not consider the topic to be taboo.
"When it comes to money, Millennials differ from older generations in many different ways and generally, they're more transparent," Berger said.
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