SPRINGFIELD, Mass. (WWLP) – If you’re hoping that the real money in your career is going to come later on in life, you may be mistaken. A new report from the Federal Reserve Bank of New York suggests your first 10 years in the labor market could dictate how much you’ll ever earn throughout your career.
Most workers begin to make more money as they gain more skills and experience in their field. But the data showed the average worker doesn’t see much of a change in salary at all between the ages of 35 and 55.
Springfield financial consultant Mark Teed told 22News he wouldn’t be surprised if this trend changed.
“I’m not sure I buy the study for Millennials. The Millennials are a different group, and they’re going to be an exciting group to watch because they just seem so different than any other age group that’s come to America,” Teed said.
Economists looked at the careers of some five million workers over almost 40 years for the study.