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Exploring Gender Differences in Marriage and Parental Income Premiums among Financial Advisors

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  • Tharp, Derek
  • Parks-Stamm, Elizabeth
  • Lurtz, Meghaan
  • Kitces, Michael

Abstract

This study examined marriage and parental income premiums among financial advisors. Financial advisors provide an interesting context for exploring such premiums, as financial advising is a historically male-dominated profession that has been found to exhibit large unadjusted gender pay gaps. Using a large sample of financial advisors recruited via a professional continuing education website (n=555), this study investigates whether gender differences exist among financial advisors with respect to the marriage premium, the parenthood premium, the parental leave effect, and the stay-at-home spouse premium. This study examined premiums both with and without potentially endogenous human capital covariates. Without including potentially endogenous covariates, a marriage premium was observed among men but not women, a parenthood premium was observed among women but not men, a parental leave premium was observed among neither men nor women, and a stay-at-home spouse premium was observed among men but not women. When potentially endogenous covariates were included, a marriage penalty was observed among women but not men, a parenthood premium was observed among women while a parenthood penalty observed among men, a parental leave premium was observed among men but not women, and a stay-at-home spouse premium was observed among men while a stay-at-home spouse penalty was observed among women. Exploratory Blinder-Oaxaca decomposition analyses revealed sizeable unadjusted income gaps by gender (16.7%), marriage (32.8%), parenthood (8.1%), parental leave (16.7%), and spousal employment (39.8%).

Suggested Citation

  • Tharp, Derek & Parks-Stamm, Elizabeth & Lurtz, Meghaan & Kitces, Michael, 2020. "Exploring Gender Differences in Marriage and Parental Income Premiums among Financial Advisors," SocArXiv 7k95t_v1, Center for Open Science.
    • Handle: RePEc:osf:socarx:7k95t_v1
    DOI: 10.31219/osf.io/7k95t_v1
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