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Almost Half Of Young New Jerseyans Do Not Believe They Will Achieve The Same Level Of Financial Security As Their Parents

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  • $75,201 is the highest salary that young New Jerseyans expect to earn – ever.
  • Hawaii residents are the most optimistic about future earnings potential; Oklahomans the least.
  • Almost half think they would need to move to a large city to earn the highest salary possible.

A new study by online course platform Teachable has shone a light on young people’s expectactions when it comes to their future finances. In light of the record levels of debt, high inflation, and the trend of tech giants shedding tens of thousands of jobs, it would not be surprising if young people in America today have a somewhat pessimistic view of their financial futures.

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Young New Jerseyans Are Worried About Financial Security

The company surveyed 4,800 18-24 year olds, revealing that almost half (46%) of young New Jerseyans believe they will not achieve the same levels of financial security as their parents. This compares to a national average of 43%.

While there is more to life than money, in an ideal world we’d all be doing a job we love and being compensated handsomely for it. Of course, when you’re young, you start at the bottom of the career ladder, and have to take the salary that goes with it.

But, given the chance to dream big, what is the highest salary you could hope to earn in your lifetime? The survey results reveal that young people today in New Jersey expect that, on average, they will earn a maximum income of $75,201 per year in their lifetime.

Perhaps it’s the sunny climate, but young Hawaii residents seem to be the most optimistic about potential earnings; 18-24 year olds there expect to earn a whopping $84,441 - that’s a very aspirational 77% ($36,741.89) more than the state average.

The least ambitious about making the big bucks are Oklahomans, who only expect to reach the not-so-dizzy heights of $45,486 which is 21% - or 7,986.11—more than the state average.

 

Rise In Side Hustles

Money, and how to get more of it, is clearly a concern for youth today; over half (52%) said they have a side hustle to help boost earnings outside of their current employment. This is in line with other reports of a rise in young people taking on side gigs, particularly since the start of the pandemic.

And the potential for extra earnings are ample—from driving for a rideshare company, delivering groceries, dog walking, or even turning your knowledge and skills into an online course on a platform like Teachable.

And it appears that many young people feel they will not be able to fulfill their potential in small towns—in fact, according to Teachable's survey, 48% of them think they would need to move to a large city to earn the highest salary possible.

Interactive Map Showing Salary Expectations Across America

Created by Teachable.comViewlarger version