A QUARTER EXPERIENCE ‘LOW EARNER ANXIETY’
Tens of thousands of graduates regularly compare their salary to that of their friends and suffer from ‘low earner anxiety’ as they find their post-university pay packet is smaller than they expected it would be, a new survey has revealed.
According to a study by Thinkmoney.co.uk, more than a quarter of graduates (28%) say the thought of being out-earned by their peers causes them anxiety and nearly two fifths (39%) say they’re earning less than they expected to. A previous study showed the graduate pay gap can be up to £70,000, with the lowest-earning graduates earning £11,000 while the wealthiest take home £80,000.
The ThinkMoney survey found that graduates are more likely to be dissatisfied with their salary than non-graduates, and those living in London are most likely to be disappointed by their pay packet. But there was some good news — one in ten graduates said they were earning more than they expected to.
The research found that graduates use a range of methods to measure your financial success, relative to your peers’. A third of graduates (38%) look at the salaries advertised for jobs similar to your own as an indicator. A further third (35%) measure your salary against those of your friends — and another 20% look at the lifestyle of your peers as a yardstick for your own financial progress.
*How do you feel about the salary you’re earning?
Are you suffering from graduate salary envy? Are you one of the lowest-paid or the highest -paid among your group of friends? Are you earning less than you expected to after university — or more?
Not particularly. I’m on 20k, in a permanent fulltime job that I really enjoy. Living in a northern city; moved up here not long ago knowing nobody and have found plenty to do and v friendly people. It’s 9-5 and door to door 25 minutes commute.
My brother works in accounting in London; gets about 25k but after rent, transport etc swallows it we’re practically on the same. He likes living there and the job, while I wouldn’t at all. People are different.
vs non-graduates in the same firm, ABSOLUTELY. Especially when you are earning the minimum wage and ending up in debt.
vs other graduates on Graduate Management Programmes in the same firm, ABSOLUTELY. Especially when the difference between candidates is small, i.e. both attended a RG University, etc.
Which is why a redistribution in income via general taxation should compensate those that will never have a career….
I’ve got to a point where I’m finally happy with my salary (£22k) but it has taken 4 years since finishing my undergraduate degree to get here and now I have post-graduate loans to pay off. I realise that’s probably not a great salary to many people but as I live in the North-West and not London, its enough to live on even with loan repayments, plus enjoy myself a bit. I think before I went to university I thought I would earn more than that but then the reality of being a humanities graduate kicked in. I’m happy now because I’m earning OK money and am in the field I want to be in
I think my main jealously is probably people who have managed to secure a permanent job in the field they want (unusual though that is). I am currently on a one years contract so there’s always the fear of struggling for money if I cannot find another job straight after this one. For many graduates paying back loans this is a particular fear I think.
Salary expectations can even vary pertaining to the region you belong to. According to a research poll that we conducted, salary expectations are significantly higher in the GCC region. You can have a look at the complete report which is published here: http://www.bayt.com/en/research-report-21182/
£15k after graduating 6 years ago… yep, safe to say my life sucks.
I graduated from a top 10 UK university with an Economics degree looking to pursue a career in finance. I managed to secure a job at an accountancy firm. I am being paid below the average salary for the region I am in and am putting in over 40 hours a week. I am happy to double this workload – but the company would simply pay me the same and happily eat away my youth. It is truly disgusting how little I am earning after gettting top marks at university and school.
Banks realise that higher pay motivates workers. Accounting does not seem willing to do this. Sigh. They will see the talent fly away soon.
Compensation desires can even shift relating to the district you fit in with. As indicated by an exploration survey that we led, pay desires are altogether higher in the GCC area. You can observe the complete report which is distributed here: http://publicpaperpk.com/jobs/location/uae