Everyone asks this question: How much you need to sacrifice your family for the paycheck? And that indeed is a million dollar question. Well, the answer is a bit less than one can expect.
According to the new research, those who prioritize their family more earn more on average than those who prioritize less. For the answer, a survey was held in which 1,015 employees aged 13 to 73 took part. The survey was conducted by CreditLoan.
The financial advice site found that those who ranked their family 1st earned $8,714 more per year as compared to those who ranked their jobs first. The result of the survey was used as it taken into account people of almost every age bracket and both male and female took part in it.
For the Generation Xers, the monetary benefits worked out as around $8,000 and for the millennials – those aged between 22-37, it was around $4,000. The survey found the family prioritization was correlated with higher salaries. This is due to the fact that those who earn more feel better prioritizing their families.
Corrie Colliton, the creative director of CrediLoan, who conducted this survey said that it is important to keep a balance between the family and the job. Doing so will only help in saving both, the family and the career, from damaging.
While giving an interview to CNBC, Colliton said that unbalanced leads towards destruction. If one is trying too hard for the career, he may lose his family and as a result of his health also goes down. Similarly, if a man goes too far for his family, he ends up damaging his career. The key to success is to give your family and health more time and this way you will flourish in every field of life, Colliton added. If there is a balance in your life, you will feel more confident and present at work.
Due to the gender salary gap, the survey was more correlated to men than to women. According to the survey, males who said that the rank their children first, earn $15,975 more than those who said they rank their job first.
For men, the job comes at number 5 in the list of 9 most important things in life including fitness, friendship, and financial independence. While women who said that they prioritize their family first, tend to earn $1,453 more than those who said they rank the career at number one. And this thing points out to another research, which says that every child takes 4 hours off from the salary hours.
According to the study of CreditLoan, women are more likely to cut their paychecks for the interest of another family. Women said that they are ready to have a pay cut of 20.1% for the interest of their kids while men said they are willing for 12%. The survey further denoted that almost every other priority is linked to the salary.
Those who said that having fun is the highest priority are likely to earn less than those who prefer relation-based things most, the survey pointed out. Those women who showed interest in fun had a reasonable decline of $11,341 and the men who said the same suffered a staggering loss of $27,159.
A research was conducted by Hill Holliday, in which single women of America said that they would prefer to build their professional career than to have kids. The study included the men (never-married and with no children), women (with no children and never married) and married women.
Total of 1,217 people aged 30 to 45, took part in this study. And the study showed that the top 3 priorities of women had nothing to do with the family or kids. Almost 44% of the women said that they “living on their own” is their number one priority, while 34% said building the professional career is their number one priority. And 27% ranked financial security as their number one priority.