The latest figures from Equifax reveal that a third of young people aged 14-16 have no idea what career they want to pursue when they leave full-time education. And, for those that do know what sort of job they want to do, 72% admit to being clueless as to the typical wage it would offer.
As part of its ongoing commitment to help young people grow-up with the life skills, knowledge and confidence they need to successfully manage money, Equifax has teamed up with Young Enterprise to take a deeper look into how young people feel about money and their career aspirations.
Although young people may not know exactly what they want to do when they are older, they are certainly aiming high in the salary stakes. On average, those surveyed believe they’d walk into a job after full-time education that pays £27,000 per annum as a starting salary. Those in London believe they will earn an average of £40,000 in their first year of employment. However, with ONS data showing that the average starting salary is likely to be around £20,000,[2] some young people may be in for a shock when they join the working world.
This naivety amongst the younger generation is further shown when looking at how much they think life essentials cost, including rent, mortgages and bills. On average, the 14-16 year olds who responded to the Equifax survey believed the cost would be around £636.21 per month. In reality, the last time the ONS reported on the cost of living, it found that the average weekly household spend remained level at £528.90 in the financial year ending 2016.
