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As Generation Z takes charge of their personal finances for the first time, many are discovering that “adulting” isn’t always what it’s cracked up to be.
In fact, the financial reality check they’re getting can often come as a shock: expensive bills and unexpected costs stretching them further than they expected.
Are you part of Gen Z dealing with this financial harsh wake-up call? Don’t worry!
We’re uncovering all the shocking truths lurking beneath money matters so you can gain control over your finances before it’s too late.
#1. Gen Z Expects To Make 52% More In Starting Salary
The average starting salary is $55,911, but Gen Z expects to begin their career earning a whopping $84,855.
#2. 97% Will Work For Less Money, But With A Catch
Most students (97%) said they would work for less money, but the lowest would be $72,850.
#3. 70% Say They Deserve More
Nearly two-thirds of students say they deserve a higher starting salary because they work harder than their peers.
Additionally, 64% say they deserve more because they are more intelligent than their peers.
#4. Their Major Guarantees Them A Job
72% of Gen Z think that majoring in a high-demand field will guarantee them a job right after graduation.
#5. Most Think They Don’t Need A Resume
61% are not concerned with creating a resume because their degree will be enough to impress employers.
#6. No Entry-Level Jobs
Of those surveyed, 61% also believe they won’t have to work entry-level jobs.
Instead, employers will immediately see their potential and offer them senior-level jobs.
#7. Business Majors Are Most Out Of Touch With Salary Expectations
Business majors have the most unrealistic expectations regarding starting salary when breaking down the data by major.
They are followed by nursing students, those obtaining a liberal arts degree, and political science majors.
#8. Gen Z Will Compromise On Starting Salary For Other Perks
Asked if offered a lower starting salary with additional workplace perks, Gen Z responded as follows:
- 48% want a good work-life balance
- 43% want great benefits
- 41% want flexible hours
- 40% want the job in a desirable location
#9. Most Don’t Think They Can Afford To Live
When informing the students taking the survey that the average starting salary is $55,911, over one-third (34%) don’t think they will be able to afford basic expenses on this income.
#10. If Forced To Take A Low Salary, Gen Z Says This Will Happen
When asked if they had to take the average starting salary of $55,911, the students responded as follows:
- 37% would have to work a second job
- 33% would not be able to repay their student loans
- 27% would go into credit card debt
- 19% would have to move back in with their parents
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All of them will keep your attention from start to finish, and who knows, you might actually learn something too!
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A better solution is to follow a plan that ensures you get a raise of 5% or more.
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Luckily, there are some simple steps you can take. Use this guide to help you save up to $7,000 a year on your monthly bills.
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You can earn free gift cards for completing simple tasks in many ways. This includes getting paid for simple online tasks like playing games, completing surveys, and shopping.
Here is a complete guide on how to get free gift cards so you can spend less money on the things you buy.
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The data for this article can be found here.
I have over 15 years experience in the financial services industry and 20 years investing in the stock market. I have both my undergrad and graduate degrees in Finance, and am FINRA Series 65 licensed and have a Certificate in Financial Planning.
Visit my About Me page to learn more about me and why I am your trusted personal finance expert.