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The retirement income gap no-one is talking about

People are living longer than ever before and this can impact how you plan for retirement

Young Brits expect to marry and have children before earning a high wage

Abigail Fenton
·Writer
Young Brits expect to have a family before earning 50k a year. Photo: Ben White/Unsplash
Young Brits expect to have a family before earning £50k a year. Photo: Ben White/Unsplash

Young Brits expect to get married and have children before earning a lucrative salary, according to new research.

A survey of 1,200 UK workers aged 18-24 has found 61% don’t expect to make an annual salary of £50,000 or become a manager until they are 49.

But most expect to by a house, get married and have children beforehand.

READ MORE: All the ways Brexit is impacting millennials' 2019 aspirations

Earning a high salary is no longer a major priority for young people in the working world, with most expecting to be in their dream job at a younger age, rather than than than one that pays well.

Nearly half (44%) expect to be in their dream job by the age of 28, despite only 11.1% currently being in their desired career.

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But young Brits are most focused on personal, family-based goals.

READ MORE: Young Brits still holiday with their parents – and expect them to pay

By 21, three quarters (77%) think they have passed their driving test, 59% expect to own a car, and 58% believe they will have moved out of their parents’ home.

By 28, over half (55%) believe they will own a house, with 43% expecting to be engaged by then.

And by 34, expect they will be married (63%) with children (67%), and almost half (44%) think they will have a pet.

READ MORE: Young Brits are turning their backs on the nation's beloved cup of tea

And though they don’t expect to make big money until 49, three quarters (77%) think they will have retired by 55, with almost half (47%) planning to travel the world.

“It’s refreshing to see the millennial generation are, for the most part, realistic about their priorities and expectations in life,” said Lee Biggins, CEO of CV-Library.

“However, it seems they are putting a lot of strain on themselves to work in their dream role as soon as possible, which can cause unnecessary stress. In some cases, your ideal career may take a lot of work leading up to that point, so it’s best to take your time and collect as much experience as possible before applying.”