“How much is your salary?”
If you’re a millennial or a Gen Zer, you can probably answer this question without flinching.
A survey by Robert Half in 2023 found that 86 percent of Gen Zers are open to discussing their salaries, followed by 59 percent of Millennials.
The numbers drop significantly, however, for older workers, with only 40 percent of Gen X workers and 41 percent of Baby Boomers prepared to talk about their take-home pay.
Maddy Carty, 30, who starts out as a millennial (the last age to be considered Gen Z is 27), said salary transparency is expected in her friend group.
“When I had male friends, you could also see if there was a pay discrepancy there,” she told news.com.au.
According to the Australian Bureau of Statistics, the gender pay gap is still at 11.5 per cent.
As of May 2023, for every dollar earned by men on average, women earned 89 cents.
That’s $231.50 less than men each week.
Over the course of a year, that difference amounts to $12,038.
Carty, who works in the media, explained that when she was living in London, especially when working for big corporations, it made sense to discuss what she was earning with her peers and colleagues to make sure she wasn’t underpaid.
“It was kind of like a company. You feel like you’re in the trenches when you’re working in a big corporation,” she said.
Carty said the salary split helped him understand when he deserved to earn more and when he was in an advantageous situation.
The 30-year-old said the salary sharing isn’t just about being loud and finding out what your friends earn; it quickly becomes a “bargaining tool” that you can use whether you’re looking for a raise or negotiating a salary for a new job.
“Knowing what your friends earn is a good bargaining tool, and then you can negotiate what’s fair and that gives you evidence to back yourself up,” she said.
Carty said she thinks people her age and younger are much more “comfortable” discussing money.
She would consider it a “red flag” if a company stipulated in her contract that she was not allowed to discuss her salary.
“This generation is much more transparent about everything. “I think my friends are happy to share what they earn, so everyone has a gauge to know if they’re being paid fairly for the work they do,” she explained.
Carty said it’s also not just about sharing wages with people in your industry; talking about money in general can be helpful.
For example, she has an acquaintance who works in childcare, and because they have always been open with each other about what they earn, it was easy for her to notice when her friend was underpaid for extra work.
It was much easier for her to encourage her friend to ask for more money because she was aware of her individual circumstances.
“I always encourage him to go for a raise. You should compare your salary with your friends to make sure you’re not getting ripped off,” she advised.
Carty said she’ll always want to share her salary if it empowers “other women to push for more money.”
Financial expert Rebecca Pike said salary splitting had become a “widespread trend” among young Australians.
“This openness about their income is a stark contrast to previous generations who often saw discussing salaries as taboo,” she said.
“Platforms like TikTok and Instagram have normalized discussions about personal finance, including wages.”
Pike said this is a positive development and the fact that young people feel confident enough to talk about money is a good sign.
“Gen Zers are comfortable sharing their experiences and advocating for fair compensation as they grew up in a more progressive era,” she explained.
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Image Source : nypost.com