Millennials are in for a rude awakening
The current crop of young people–sometimes referred to as Millennials by experts–are in for a rude awakening when they graduate from college, a new study finds. A survey by Clever Real Estate found that college students expect to earn salaries after graduation that are unrealistic in light of current market trends.
“Students tend to overestimate how much they’ll make right out of college. The average undergraduate expects to make $57,964 one year into their career, while the national median salary is $47,000 for bachelor degree holders with zero to five years of experience,” the authors of the survey reported, according to Fox Business.
It turns out Generation Z, or young people born after 1995, care less about quality-of-life issues in the workplace, like a fun work environment and vacation time. Their top concerns are high salaries and good benefits, and they’re overestimating what they’re likely to get.
Millennials also overestimate how much money they’ll make ten years into their careers by $15,000, the survey found.
“Students expect college to be a career game-changer from the get-go, but the truth is that building a career takes time, hard work, and practical experience. Meanwhile, the margins on getting a college degree are slimmer than ever,” the survey’s authors wrote.
The only exception to the rule was computer science majors, who actually underestimated their projected salaries after a year in the workforce.
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