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By Alice Gibbs
Senior Reporter
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A new survey has found that 87 percent of Generation Z workers feel that they are underpaid—even those who make six-figure salaries.
The survey conducted in September 2024 by ResumeTemplates.com collected opinions from 1,750 full-time employees aged 17 to 27, putting them in the Gen Z age group.
Only 13 percent of Gen Z workers believe they are being paid fairly, according to the report. Among those feeling underpaid, nearly one-third think they should be earning between $70,000 and $100,000 annually, and 20 percent—1 in 5—feel their salary should exceed $100,000.
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The majority of respondents, however, report earning less than $60,000, with 33 percent making under $30,000 and 46 percent between $30,000 and $60,000, while 6 percent pull in over $100,000. It is important to note that most Gen Z workers have been in the workforce for fewer than four years, with 7 percent of respondents reporting less than a year of full-time employment.
Financial stress is a common theme, with 40 percent of respondents admitting they struggle to make ends meet on their current salaries. Among this group, 14 percent say they would need between $80,000 and $100,000 to live comfortably, while 19 percent estimate they would require more than $100,000.
Economic concerns remain a priority for many Americans, particularly heading into the 2024 election. A YouGov/Economist poll conducted between August 17 and 20 among 1,565 U.S. adult citizens found inflation and prices were the most important issues for voters at 26 percent, followed by jobs and the economy at 12 percent. While inflation has eased, food prices are still 21 percent higher than they were three years ago.
Lowering the cost of living has even been touted as the way for presidential candidates to win key states in the November election.
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"The career path and industry you choose have a significant impact on earning potential," said Julia Toothacre, chief career strategist at ResumeTemplates.com. "But with inflation surging over the past few years, it's not surprising that many young workers feel financially squeezed, even if they're making what used to be considered high salaries. The cost of living has changed, and so have expectations."
The 2024 Expat report found that Gen Zers are moving out of the U.S. thanks to the rising cost of living. Earlier this month, the report found that 45 percent of Gen Z expats had left the country because they wanted a lower cost of living.
The survey also found that some Gen Zers recognized their financial struggles could be eased by adjusting their spending habits. Around 33 percent said they could find a cheaper place to live, while 20 percent said they are spending more than $500 per month on nonessential items.
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