Average Income by Age, Gender, Race, and Education in the USA (How Do You Compare?)

Video Description

What is the average income in the US by age, gender, race, and education? In this video we go over the annual salary of the average full-time American worker split by many different demographics so you can compare how your income stacks up. These stats should help you figure out how much money you should be making for your age, gender, race, and education level (compared to the averages). The goal of this video isn't to explain why there are income differences across these demographics, but instead to just look at the numbers as reported on by the Bureau of Labor Statistics. First, we'll start with the overall average income in the US for all full-time workers. There were roughly 112 million workers in Q4 of 2020, with about 60% of them paid via hourly wages (vs. 40% salaried). The BLS also provides the average income for this entire population split by gender. Across all data points, men make more money than women, although that can be partly explained by the fact that more women take time off from their careers to stay home and raise children. Men are often culturally expected to continue working, furthering their careers, gaining experience, and ultimately increasing their income. Next, we'll look at average income in the US split by age. The age groups reported on by the BLS are 16-19, 20-24, 25-34, 35-44, 45-54, 55-64, and 65+. We'll also look at the average income across these age groups split by gender, so you can compare how your income stacks up as closely as possible. After comparing income by age, we'll examine average income in the US by race and ethnicity. The BLS reports on four groups: White, Black of African American, Asian, and Hispanic or Latino. Within each of these groups, we'll look at the average income both by gender and by age. Finally, it's important to consider how education impacts the average American's wages. We'll look at average income based on the highest level of education achieved: no high school diploma, a high school diploma or equivalent (like a GED), some college (like an Associate's degree), a four-year degree (like a Bachelor's degree), and advanced degrees (like Master's, MBA, JD, PhD). Across all of these groups, we'll also break out the average income by gender. Bureau of Labor Statistics Q4 2020 report: https://www.bls.gov/news.release/pdf/wkyeng.pdf ~~~~~~~~~~~~~~~~ 🔴 Subscribe for more personal finance videos: https://www.youtube.com/alexraepersonalfinance?sub_confirmation=1 👉 Follow me on Instagram! https://www.instagram.com/alexraefinance ~~~~~~~~~~~~~~~~ ✔️ WATCH NEXT! ✔️ ► Why It's So Expensive to be Poor // Poverty Explained - https://youtu.be/HJLaYrau2sE ► Index Funds vs. Mutual Funds vs. ETFs (Differences + How to Choose!) - https://youtu.be/GSKaCMZOgu4 ► What School Doesn't Teach You About MONEY - https://youtu.be/mKnUtAH8_Ps ~~~~~~~~~~~~~~~~ 🕒 TIMESTAMPS 🕒 0:00 - Important points about the data 1:11 - Overall // Gender 3:33 - Age 7:24 - Race & Ethnicity 11:39 - Educational Background 14:27 - Conclusion ~~~~~~~~~~~~~~~~ Disclaimer: I am not a financial advisor nor a tax professional. The content presented in this video is for entertainment and educational purposes only.