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December 15, 2022

Survey: Young Mainers say hopes of earning higher salary dampened by inflation concerns

$100 bills File photo The highest annual lifetime salary young Mainers expect to learn is in the mid-$60,000 range, a new survey shows.

Is it time for young Mainers to be paid more so they can tackle the daily struggle of tackling the rising cost of rent, food and gas?

The highest annual lifetime salary young Mainers expect to earn is in the mid-60K range, according to a survey conducted by Teachable. Teachable is an all-in-one platform that helps people create and sell courses online. Courses and information can be found here.

The survey, which was conducted in November, asked 3,300 people between the ages of 18 to 24 what they expect will be their highest lifetime salary. 

It reveals young Mainers expect, on average, that they will earn a maximum income of $67,353 annually, compared to the national expectation of $65,206.

According to the U.S. Bureau of Labor Statistics, the median wage for workers in the United States in the second quarter of 2022 was about $1,041 per week, or $54,132 per year.

With rapidly rising levels of debt, high inflation, housing costs, fuel and food prices, salaries are a growing concern.

Many young people express their concerns about money. Teachable says that 52% of young people have a side job to help boost income. Many get jobs with Uber, Lyft, DoorDash, or in retail, grocery stores or as a restaurant server.

Survey respondents said they believe they will achieve their peak salary at 30 years old. Almost half think they would need to move to a large city to earn the highest salary possible. Another two-thirds say they would settle for a job that wasn’t in their preferred field just for a higher salary. Survey results can be found here.

In comparison, young Massachusetts residents expect to earn a maximum income of $97,053 at some point their lifetime, which was the highest salary noted by the the survey. Hawaii was the second-highest, with young residents expecting to earn $84,442. 

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