[US] The exact six-figure salary to make Gen Z feel they’ve ‘made it’

In a new survey, young adults in the US have put an exact figure on how much money they would need to earn in order to feel like they’ve made it, Yahoo Finance reports.

Invoicing software firm Skynova collected state-level data from the IPUMS Current Population Survey (CPS) for those ages 22 to 35 and surveyed 1,000 young adults about their career goals.

The average salary that the young adult respondents said would make them feel as if they’ve finally “made it” is reportedly $121,553 per year. Gen Z aimed slightly higher with a goal of $124,494 while the benchmark for millennials was $120,902.

Both figures are significantly above what the average American earns; the median income in 2021 was $69,717.

With such lofty earning goals, it is perhaps unsurprising that 58 per cent of the two youngest generations of workers expressed themselves as unsatisfied with their current earnings.

Even when considering the salary they would like for their current efforts and expertise, millennials and Gen Z are reportedly aiming well above the average with a desired pay package between $71,000 and $80,000.

The researchers have advised unsatisfied young professionals to “keep in mind that they’re near the beginning of their careers, and salaries can increase with experience.”

For those young adults looking for a career where they can “make it” sooner rather than later, becoming a lawyer, financial services sales agent, or web developer is a safe bet. According to the research, those fields are paying workers between the age of 22 and 35 from $120,000 to $150,000.

Yet, despite the lure of high pay, 88 per cent of Gen Z respondents reportedly said they would not want to be a lawyer.

The top career paths chosen by young, emerging professionals were actually nursing, teaching, retail management, customer services and vehicle driving.

The discrepancy between these top-paying jobs and what these young people are actually doing for work means that most professionals will eventually need to switch careers if they want to feel as if they’ve made it.

As an alternative, researchers suggest pushing for a pay rise. However, over half of the respondents had reportedly not received a raise in the past year, making it unlikely that employers will splash out six-figure salaries overnight.

Source: Yahoo Finance

(Link and quote via original reporting)

In a new survey, young adults in the US have put an exact figure on how much money they would need to earn in order to feel like they’ve made it, Yahoo Finance reports.

Invoicing software firm Skynova collected state-level data from the IPUMS Current Population Survey (CPS) for those ages 22 to 35 and surveyed 1,000 young adults about their career goals.

The average salary that the young adult respondents said would make them feel as if they’ve finally “made it” is reportedly $121,553 per year. Gen Z aimed slightly higher with a goal of $124,494 while the benchmark for millennials was $120,902.

Both figures are significantly above what the average American earns; the median income in 2021 was $69,717.

With such lofty earning goals, it is perhaps unsurprising that 58 per cent of the two youngest generations of workers expressed themselves as unsatisfied with their current earnings.

Even when considering the salary they would like for their current efforts and expertise, millennials and Gen Z are reportedly aiming well above the average with a desired pay package between $71,000 and $80,000.

The researchers have advised unsatisfied young professionals to “keep in mind that they’re near the beginning of their careers, and salaries can increase with experience.”

For those young adults looking for a career where they can “make it” sooner rather than later, becoming a lawyer, financial services sales agent, or web developer is a safe bet. According to the research, those fields are paying workers between the age of 22 and 35 from $120,000 to $150,000.

Yet, despite the lure of high pay, 88 per cent of Gen Z respondents reportedly said they would not want to be a lawyer.

The top career paths chosen by young, emerging professionals were actually nursing, teaching, retail management, customer services and vehicle driving.

The discrepancy between these top-paying jobs and what these young people are actually doing for work means that most professionals will eventually need to switch careers if they want to feel as if they’ve made it.

As an alternative, researchers suggest pushing for a pay rise. However, over half of the respondents had reportedly not received a raise in the past year, making it unlikely that employers will splash out six-figure salaries overnight.

Source: Yahoo Finance

(Link and quote via original reporting)