Many millennials are earning significantly less than they predicted when they were younger and have not entered the career they hoped for, new analysis shows.
Half of 16 to 17-year-olds expected to earn £35,000 by the age of 30 if they’d achieved a degree and £25,000 if they did not have a degree but the average salary of a 30-year-old last year was £23,700.
Half of 16 to 17-year-olds expected to earn £35,000 by the age of 30 if they’d achieved a degree and £25,000 if they did not have a degree but the average salary of a 30-year-old last year was £23,700.
Just 7 per cent of those with degrees and a quarter of those without degrees thought they would be earning less than £20,000 by the age of 30. But in reality, 37 per cent of 22 to 29-year-olds last year were in this earnings bracket.
At the top end, 5 per cent predicted they would be earning over £80,000 but just 2 per cent hit this target.
Artistic, literary and media jobs were the most popular choice in 2011/12, cited by more than 11 per cent of 16 to 21-year-olds, but just 1.4 per cent were actually in those careers last year. Almost 9 per cent said they wanted to be teachers compared to 4.5 per cent who did so. In healthcare the discrepancy was wider at 8.2 per cent to 1.7 per cent. The most common work for the older group turned out to be as sales assistants or cashiers, accounting for 6.2 per cent of employment for 22 to 29-year-olds last year.
Coming of age in the post-financial crisis era has meant lower wages and fewer chances for career progression than the previous generation. British millennials experienced a 13 per cent drop in real hourly earnings between 2007 and 2014.
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