A recent survey conducted by ResumeTemplates.com reveals that a staggering 87 percent of Generation Z workers feel underpaid in their current jobs. The survey, which included 1,750 respondents aged 17 to 27, found that only 13 percent believe they are compensated fairly for their work [4b15dec2]. This sentiment of underpayment is particularly pronounced among younger workers, with nearly one-third of respondents asserting that they should earn between $70,000 and $100,000 annually, while 20 percent feel their salary should exceed $100,000. In contrast, the data shows that 33 percent of Gen Z workers earn under $30,000, 46 percent earn between $30,000 and $60,000, and only 6 percent earn over $100,000 [4b15dec2].
The financial struggles faced by Gen Z are compounded by rising inflation and economic uncertainties, with 40 percent of respondents indicating that they struggle to make ends meet. Additionally, 14 percent believe they need an income between $80,000 and $100,000 to live comfortably [4b15dec2]. These economic concerns are becoming increasingly relevant as the 2024 election approaches, with inflation and cost of living issues at the forefront of voters' minds.
In light of these challenges, many Gen Z workers are taking drastic measures to alleviate financial burdens. A notable 45 percent of Gen Z expatriates have left the United States in search of lower living costs, with 33 percent citing the ability to find cheaper housing as a primary motivator [4b15dec2]. Furthermore, 20 percent of respondents reported spending over $500 monthly on nonessential items, indicating a struggle to balance discretionary spending with essential living costs.
This generational perspective on income and employment aligns with broader discussions about what constitutes a 'good income' in America, as highlighted by financial experts like Dave Ramsey. With the national average income at $78,000, many young workers are reevaluating their financial goals in light of their perceived underpayment and the rising cost of living [4827fda8]. As millennials and Gen Z navigate these economic realities, the importance of financial literacy and strategic planning becomes increasingly evident in their pursuit of financial stability and security.
Overall, the findings from the ResumeTemplates.com survey shed light on the pressing economic challenges faced by Gen Z workers and their perceptions of underpayment, highlighting the need for a reevaluation of wage standards and living costs in today's economy.