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Teenagers value job satisfaction over pay for future career, M&G finds

Around a third (33%) wanted a good work-life balance, while earning potential came further down the list at 23%. 

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Teenagers value job satisfaction over earning potential and job security, according to research from M&G.

48% of 16 to 18-year olds put job enjoyment first when choosing a career. 

Around a third (33%) wanted a good work-life balance, while earning potential came further down the list at 23%. 

Only 17% valued starting salary. 

Long-term benefits mattered less, with 16% mentioning job security and just 5% saying a good pension was important.

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Parents were more concerned about whether their children would be able to support themselves financially, leave home and retire securely. 

More than a third (38%) worried about their child getting a job, with 37% concerned about gaining independence or being able to support themselves. 

Around 30% were concerned their child would not choose a career path that allowed them to succeed, and 24% were worried about the impact of artificial intelligence (AI) on future job prospects.

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24% of parents questioned their child’s ability to make long-term financial decisions, and one in five (20%) were already worried about retirement security. 

Despite these worries, parents seemed less willing to talk about topics like financial independence, leaving home or the effect of AI on jobs. 

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Only 40% discussed career success with their children, while 49% talked about the impact of social media on wellbeing and 39% discussed mental health.

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There was also a gap in expectations about when young people would start work. 

Parents thought children would get their first full-time job by 23, while many teenagers believed it would be between 24 and 26. 

Matthew Ings, chartered financial planner at M&G, said: “Many young people are thinking about what they want from their working lives and often don’t define success solely by income or climbing a traditional career ladder. 

“They’re looking for work that offers flexibility, purpose and a better balance between work and life. 

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“Parents can see the benefits of that shift, but they’re also asking practical questions about financial security, independence and what retirement might look like in a world where career paths are becoming less predictable and linear.”

Ings added: “With young people likely to change jobs, careers and ways of working more often than previous generations, keeping track of pensions and long-term financial goals becomes even more important. 

“Regular Pension Health Checks when starting a new job could help people understand whether they’re still on track for later in life and give them confidence that the choices they are making today will still support the future they want tomorrow.”

M&G called on the Government to introduce regular Pension Health Checks alongside pension dashboards, to help people understand their savings, stay engaged and make informed choices throughout their working lives. 

M&G has also created a short animation showing how a Pension Health Check could work in practice.

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