March, 2018

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The millennial generation earns much less than expected, according to official data

New studies show that many millennials are significantly less than expected when they were younger and did not follow the career they hoped for.

In 2011/12, the Office of National Statistics found significant differences between the wage and employment aspirations of 16 to 21 years and the current level of success of older age groups.

Half of 16-17 year olds expect £ 35,000 at age 30 at the end of their studies and £ 25,000 if they do not, but the average salary of 30 years of last year has reaches £ 23,700.

Only 7% of graduates and a quarter of graduates thought they would earn less than £ 20,000 at age 30. But in fact, 37% of 22 to 29 year olds were in the results category last year.

At the top, 5% predicted they would earn more than £ 80,000, but only 2% achieved that goal.

Professional ambitions have also proved irrelevant. The arts, literary and media professions were the most popular election in 2011/12, cited by more than 11% of 16-21 year olds, but only 1.4% in the last year.

Nearly 9% said they wanted to become teachers, compared to 4.5%. In the health sector, the gap was 8.2% to 1.7% larger.

The most common jobs among older workers were salesmen or cashiers, accounting for 6.2% of those aged 22 to 29 last year.

The data will help give some millenarians (born between the early 1980s and the end of the 1990s) the impression that they have been economically hard won.

Growing up as a result of the financial crisis has resulted in lower wages and advancement opportunities compared to the previous generation.

British millennials saw their real hourly wage drop by 13% between 2007 and 2014.

Only Greece, where real income fell by 25% over the same period as the euro-zone country, was the worst of the 12 advanced economies in this age group, the Resolution Foundation noted.

But the analysis of the ONS suggests that the British Millennials would at least have been able to make peace with the idea of ​​winning less.

Job satisfaction and safety are more important for young people than high earners, said the ONS.

Between 2015 and 2016, 71% of them rated work as very important and 60% as job security.

This number increased by only three percentage points between 2010 and 2011, despite the rise in zero-hour contracts and the economy of the show.