Earnings Expectancy: £48,247 is the highest salary that the average young person in the U.K. expects to earn – ever, survey reveals.
- Londoners have the highest salary expectations in the UK.
- Expectations of salaries in the North East are the lowest.
- Infographic showing earning expectancy across the country.
What did you want to be when you grow up? It’s the classic question posed to children by parents and teachers around the world.
The typical response usually cites career aspirations such as becoming a firefighter, doctor, nurse, sportsperson, and an astronaut, of course.
But, as children become young adults ready to embark on their chosen career paths, the realities of being an adult (which often is heavily influenced by financial factors) means many of these earlier career aspirations change as a greater emphasis is placed on earnings potential, rather than a love for that chosen field.
Moreover, as the housing crisis for first time buyers shows no signs of abating, and inflation soars to a 40-year high, many young people are eager to set themselves on career paths in order to make as much money as possible, in the shortest time frame…
A survey of 3,000 young people (18-24) across the U.K. and Ireland to determine the highest annual salary they expect to earn in their lifetimes. The survey revealed that £48,247 is the highest salary that the average young person in the U.K. expects they will earn. This is 54% higher than the average salary in the U.K (£31,285).
However, different regions have different aspiration levels. Londoners, for example, have the highest salary expectations – young people here expect to earn a lifetime best salary of £74,728 which makes sense given that the capital is home to the highest property prices and cost of living levels.
Expectations of salaries in the North East are the lowest, with a value of £37,369 (but still above the national average). And across the Irish Sea, young Irish people expect a career high pay of €66,478.40 pa (equivalent to approx £56,000).
When it comes down to earning expectancy across different industries, current figures revealed the top 5 highest-paying jobs in the U.K. are:
1. Tax partner
With an average salary of £124,000.00 per year, this kind of position manages all tax engagements to ensure they meet compliance standards, as well as deadlines. Given the niche skill involved in managing this kind of finance, it’s no wonder the earning expectancy is so
2. Head of sales
Involving overseeing all sales teams and operations of a company to drive profitability, this position has an average yearly salary of £116,000.00. Considering these efforts are directly linked to a company’s profits, it’s easy to see how this position pays so well.
3. Chief financial officer
This senior executive position is in charge of leading all the financial activities of a company, including putting any corrective measures in place to improve overall economic health. The average salary is £112,500.00 per year.
4. Consultant dermatologist
This specialised position, focusing on skin conditions and diseases, has an average yearly salary of £100,000.00. Dermatologists also typically provide cosmetic treatments, including fillers, botox injections and laser procedures.
5. Vice president of engineering
With an average yearly salary expectancy of £99,300.00, this kind of position directs, manages and coordinates all engineering staff and operations, providing support across a host of projects
‘Deciding on a career path can feel like an overwhelming decision to make, however, it’s also important to note that there are many people who change their profession at any point of their career – even 20 or 30 years in,’ says Andrew Arkley of Purple CV. ‘Of course, income is a large component of any job, especially in a time of financial uncertainty, alongside seemingly continual consumer price increases. Therefore, if you’re considering entering any new field of work, it’s a good idea to research average industry earnings to ensure you’re asking for (and eventually, receiving) fair compensation for your skills and qualifications.’
*Purple CV, a leading CV-writing service, conducted