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With the emergence and ubiquity of social media, everyone’s proudest achievements are thrown in our faces instantly. That dude who never graduated high school just bought a house. The college virgin just got married to his ” best friend.” Oh look, Karen got a promotion! It’s nearly impossible not to mentally stack yourself up against people in social media circle, especially when metaphorical nobodies are seemingly passing you left and right.
The phenomena may be why TD Ameritrade’s recent “Millennials and Work” survey found that millennials, defined as those aged 21 to 37, think they need so much to be happy. The study found that millennial men say they need to earn an average of at least $118,000 per year in order to be happy.
And, as CNBC points out, that’s more than double the salary they reported needing only two years ago, when they reported being content with $55,000 annually. By comparison, female millennials claim to be happy at $58,500 per year to be happy, a slight increase from the $48,500 average reported in 2016.
Twenty two percent of millennials say they need to earn between $50,000 and $74,999 a year to be happy, while 41 percent say they need $75,000 or more. That does not reflect reality. The Bureau of Labor Statistics reveals that men and women between the ages of 25 and 34 earn a median salary of just $41,288 per year.
Chris Bohlsen, a director in investor services at TD Ameritrade, says that the expectations for millennials will continue to rise overtime:
“They will continue to have higher goals because they’re putting in the work to achieve the goals that they have right now.”
More and more millennials are pursuing side hustles to rake in some extra income, whether it be supply services in the gig economy, driving for a ride-sharing app, or renting out their apartments on AirBnb, the idea that one’s primary job’s salary is the only take home income is diminishing.
[h/t CNBC]