87% of Gen Z workers feel they are underpaid
A new survey reveals that 87 percent of Generation Z workers feel they are underpaid, even among those earning six-figure salaries.
The survey, conducted by ResumeTemplates com in September 2024, gathered feedback from 1,750 full-time employees aged 17 to 27, all belonging to Gen Z.
According to the report, only 13 percent of Gen Z workers believe their pay is fair. Of those who feel underpaid, nearly one-third believe they should be earning between $70,000 and $100,000 annually, while 20 percent—1 in 5—think their salary should surpass $100,000.
Most respondents, however, report earning less than $60,000, with 33 percent making under $30,000 and 46 percent earning between $30,000 and $60,000. Meanwhile, just 6 percent earn more than $100,000. Notably, many Gen Z workers have less than four years of workforce experience, with 7 percent having less than a year of full-time employment.
Financial stress is widespread, with 40 percent of respondents admitting they struggle to make ends meet on their current salary. Of this group, 14 percent say they would need between $80,000 and $100,000 to live comfortably, and 19 percent estimate they’d require more than $100,000.
Economic issues are a major concern for many Americans as the 2024 election approaches. A YouGov/Economist poll conducted between August 17 and 20 among 1,565 U.S. adults found that inflation and prices are the top issues for 26 percent of voters, followed by jobs and the economy at 12 percent. While inflation has eased, food prices remain 21 percent higher than they were three years ago.
Reducing the cost of living has been positioned as a crucial strategy for presidential candidates aiming to win key states in the upcoming election.
"The career path and industry you choose significantly impact earning potential," said Julia Toothacre, chief career strategist at ResumeTemplates.com. "But with inflation rising over the past few years, it's understandable that many young workers feel financially squeezed, even those earning what were once considered high salaries. The cost of living has shifted, and so have expectations."