Online resume builder ResumeTemplates.com shows that 9 in 10 Gen Z workers feel they are underpaid.
Previous surveys have found that Gen Z tends to overestimate how much they should earn.
This time, ResumeTemplates.com conducted a survey in September to understand the salary expectations of Generation Z (18-27 years old) who are working full-time and do not have children.
Key points of the study:
· 87% of full-time Gen Z workers feel they are underpaid.
· 1 in 5 Gen Zers believe they should earn $100,000 or more.
· 60% report that they cannot cover their basic needs with their current salary.
· Nearly 20% of those struggling to meet basic needs still spend $500 or more per month on non-essential goods.
· 19% say they would need to earn $100,000 or more to cover their basic needs.
According to the survey data, the majority of respondents report earning less than $60,000 annually, 33% less than $30,000 and 46% between $30,000 and $60,000. In addition, 17% report earning between $60,000 and $80,000, 7% say they earn between $80,000 and $100,000 and 6% more than $100,000.
ResumeTemplates.com found that 87% of full-time Gen Z workers feel they are underpaid, while 13% believe their pay is fair. Interestingly, the 13% who feel their pay is fair make $30,000 a year. All Gen Zers who make more than $30,000, including those making six figures, report feeling underpaid.
Among Gen Z respondents, 1% have not completed high school, 44% have a high school diploma, 10% have an associate’s degree, 33% have a college degree, and 12% have a graduate degree.
“Some Gen Zers may be underpaid, but there are several factors to consider,” says ResumeTemplates’ lead career strategist Julia Toothacre.
“Workers who have invested money in education or training want to see a return on their investment. However, because they are early in their careers, most Gen Zers probably don’t have enough experience to earn as much as they would like. It takes time to move up the hierarchy and earn a higher salary. Not only that, but older generations have to move up or leave the company to create those opportunities,” says Toothacre.
For more details on the survey and its methodology, click here.
Continue reading:
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