Great expectations: North West workers overestimate earning potential by up to 250%

A new sure has revealed that workers across the North West are being left feeling deflated by their own unrealistic financial goals, with some overestimating their earning potential by up to 250%.

Monday, 26th March 2018, 10:30 am
Updated Monday, 26th March 2018, 10:35 am
The survey revealed that the majority of those surveyed overestimated their earning potential.

The data - collected by leading job board, totaljobs - assessed the wage-based goal-setting of 6,756 people currently in work, with the majority of workers expecting to earn more money than the national average for their respective age group.

Despite the average 22-to-29-year-olds earning £22,734, 46% of those survey expected to earn £25,000 by the age of 25, with 53% then anticipating taking home £40,000 by the age of 35 despite the average wage for a 30-to-39-year-old being £30,267.

"The new year is always an important time to set both personal and professional goals and ensure your career is heading in the right direction," said David Clift, HR Director at totaljobs. "However, it's important for employees to be aware of what is realistic so that their goals are achievable and they are not left disappointed by a perceived lack of progress, which can cause even more demotivation."

As workers were asked what they expected their earning potential to be later in life, their goal-setting became more and more ambitious, with 62% claiming they anticipate earning £50,000 by the age of 40, 66% expecting to earn £60,000 by the age of 50, and an astonishing 73% believing their pay packet will exceed £60,000 as they enter their 60 in spite of the average person over the age of 60 earning just £23,565 in the UK.

"We hope by identifying the gap that exists between the expectation and reality of milestones and goals, workers can set small and achievable targets for themselves in 2018 and ensure the new year is a successful one," David said.

Perceiving the financial grass as perennially greener was also common amongst those surveyed, with half believing their friends and colleagues are in a better monetary situation, with 40% convinced that their close ones earn more than them.