New study shows mens income falling as womens income rises

New study shows mens income falling as womens income risesNew study shows mens income falling as womens income risesA new National Bureau of Economic Research working paper finds that mens incomes are falling, while womens incomes are rising.An analysis of age cohorts in the United States finds, according to NBERs August research digest, that the zentralwert male who turned 55 in 2013 earned $136,400 less in lifetime income - measured in constant 2013 dollars - than a man of the same age 16 years earlier.Men who entered the workforce in 1983, the paper found, have seen their lifetime income decline by 10-19% compared to men who entered the workforce in 1967. For women, median lifetime income increased by 22-33% from the 1957 to the 1983 cohort - though, the size of this gain welches largely attributable to the very low lifetime income of the earliest cohort.According to the paper, this decline in lifetime income is slightly offset by better benefits, such as health care and pensio n contributions. But, as the NBER digest notes,even using an upper bound estimate of the growth of such benefits, the researchers find that the 1983 cohorts medianlifetime income was $96,100 lower than that of the 1967 cohort.Whats behind the dip?The researchers attribute much of the dip in mid-career mens income to what they earned in the early years of their careers. As NBER reports, The median income for a 25-year-old in the 1967 cohort was $33,000, compared with $29,000 (inflation adjusted) in the 1983 cohort. That means, unfortunately, that if your income was depressed in the early years of your career, youre likely still paying for it today.The broader trendThe findings are consistent with other data showing that young men are increasingly falling down the economic ladder, as male-dominated jobs are automated or off-shored. Meanwhile, fields that tend to employ more women - like health care and professional services - are growing.Despite the slip in mens incomes, womens inco me in the U.S. still lags behind that of men.What you should doIf youre unhappy with your salary, the first thing you should do is ask for a raise. As George Anders writes for Ladders, most people wait to be given a raise, hoping good work will be recognized and rewarded. Instead, its generally the case that people do better when they ask for raises. Its also important to know your worth, nameyour number, and know when to walk away.