Editor’s Note: This story originally appeared on FlexJobs.com.
As you scrutinize job descriptions and salary ranges in your search for entry-level employment, you may find yourself wondering, “What is a good entry-level salary?” or asking yourself, “What is a good starting salary for a first job?”
You’re smart to ask those questions, especially if you’re seeking high-paying entry-level jobs.
Establishing realistic salary expectations is a vital part of the job search process.
Whether you’re a recent graduate on the hunt for your first job or an experienced professional considering a career change, determining the average starting salary and fair market value of a job is crucial to reaching your financial goals — including your retirement goals — and ensuring long-term job satisfaction.
To learn more about workers’ entry-level salary expectations and perspectives on starting pay ranges, as well as their retirement plans, FlexJobs polled over 2,000 U.S.-based professionals between June 11 and June 23, 2024.
Professional Perspectives on the Average Entry-Level Salary
Of the 2,000 respondents surveyed in FlexJobs’ Financial Pulse Report, 23% agreed that “$24,999 or less” is the lowest pay they would be willing to accept or have accepted for their first job.
Nearly a quarter (24%) of respondents were split evenly on average entry-level salary expectations. Some felt a realistic beginning salary should be between $25,000 and $29,000, while others felt it should be between $30,000 and $34,999.
Here is the full breakdown of the lowest pay range considered acceptable for a first job:
- $24,999 or less: 23%
- $25,000 to $29,999: 12%
- $30,000 to $34,999: 12%
- $35,000 to $39,999: 8%
- $40,000 to $44,999: 9%
- $45,000 to $49,999: 7%
- $50,000 to $59,999: 12%
- $60,000 to $69,999: 6%
- $70,000 to $79,999: 5%
- $80,000 to $99,999: 4%
- $100,000 or higher: 4%
Notably, 24% of women said they would accept or have accepted a starting salary of $24,999 or less for their first job. These findings are slightly higher than average and 7% higher than what men reported, with only 17% stating they would accept a starting salary of $24,999 or less.
Additionally, 14% of men reported that the lowest pay range they would accept or have accepted for a first job was $80,000 or more. Only 6% of women, on the other hand, reported this amount as acceptable for a first-job starting salary.
Starting Salary Expectations Among Genders and Generations
Despite being willing to accept a lower pay range for their first job, only 2% of respondents believe $24,999 or less is a realistic entry-level starting salary in today’s job market.
In fact, nearly half (49%) of survey-takers agreed that a starting salary between $40,000 to $49,000 (26%) or between $50,000 to $59,999 (23%) was more realistic.
In FlexJobs’ Financial Pulse Report, opinions on realistic entry-level starting salaries were as follows:
- $24,999 or less: 2%
- $25,000 to $29,999: 6%
- $30,000 to $39,999: 15%
- $40,000 to $49,999: 26%
- $50,000 to $59,999: 23%
- $60,000 to $69,999: 13%
- $70,000 to $79,999: 7%
- $80,000 to $89,999: 4%
- $90,000 to $99,999: 1%
- $100,000 to $120,000: 2%
- $120,001 or higher: 1%
Among generations, 27% of baby boomers, 26% of Gen X, and 25% of millennials stated that $40,000 to $49,999 was an acceptable starting salary.
Realistic Salary Range for Entry-Level Jobs
Men and women agreed that the $40,000 to $49,999 salary range was realistic for an entry-level job today, with additional findings as follows:
- $30,000 to $39,999: Women (16%), Men (14%)
- $40,000 to $49,999: Women (27%), Men (23%)
- $50,000 to $59,999: Women (23%), Men (22%)
- $60,000 to $69,999: Women (12%), Men (14%)
Retirement Readiness Varies Among Different Demographics
While salary is an essential career consideration for your day-to-day life, it’s also a key factor in your ability to save for retirement.
When polled about current retirement savings, most respondents (65%) shared that they’re currently saving for retirement. However, one-fifth (20%) of respondents said they’re not currently saving for retirement but plan to.
Among men and women, 61% of men said they’ve been saving for retirement for a while, compared to 52% of women. Furthermore, 20% of women and 19% of men shared that they have not saved for retirement but intend to.
Across generations, retirement savings appeared most prevalent among baby boomers, with 61% sharing that they’ve been saving for retirement, compared to 58% of Gen Xers and 46% of millennials.
Although 46% of millennials have been saving for retirement, more than a quarter (26%) of millennials shared that they have not saved for retirement, though they plan to. Likewise, 17% of Gen Xers and 11% of baby boomers have not yet saved for retirement but intend to.
What’s agreed upon by the majority of survey respondents (77%) is the age at which people should be allowed to retire and access their Social Security benefits — before age 67.
When Should Workers Be Allowed to Retire and Access Social Security Benefits?
Here is the full breakdown of respondents’ opinions on when workers should be allowed to retire and access their Social Security benefits:
- 55 to 59: 22%
- 60 to 64: 33%
- 65 to 66: 22%
- 67 (current retirement age): 17%
- 68 to 69: 2%
- 70+: 4%