K&H: over 70% of young workers expect pay raises
K&Hʼs Youth Index, which reveals young peopleʼs satisfaction levels and expectations for the future about living conditions, work, promotion prospects, education, health and other issues, reveals that more than 70% of those aged 19-29 expect pay raises, based on data for the second quarter of 2018.
According to K&H Groupʼs research, some 52% of the age group expect a small raise in wages, under the rate of inflation, while about 22% expect wage growth above inflation. Some 24% do not expect any raise, while 2% believe their pay will actually decrease.
Compared to 2013 Youth Index data, K&H says changes have been overwhelmingly positive. While five years ago, only 44% expected a raise, 74% expect one today.
"Talking with children about the value of money even when they are in elementary school is important in determining how they will relate to work in the future, and how much they will value the money they get for their work," says Nóra Horváth Magyary, country communications officer at K&H Group. "Our financial content launched eight years ago serves this purpose, preparing young people to decide consciously, based on opportunities, to be able to see though the world of finance, and use financial terms in everyday situations, not only to learn them. It is important to make them understand the value of money, and whatʼs behind it."
While many may bemoan children fiddling around carelessly with their phones, this is to ignore the fact that the telephone will become a tool for their job, says blogger and job search advisor Éva Fazekas.
"Has there ever been a generation that used its later work tool even through childhood, on a high skill level? If they got to know financial skills on both company and household level, it would help a lot," says Fazekas. "All in all, I think that to consider the wage expectations of todayʼs youth too high means taking motivation away from them, or perhaps making them determine to try their luck abroad," she adds.
Learning to respect the value of work is what the groupʼs "Vigyázz, kész, pénz!" (Ready, steady, money!) and its new animated vlogger "KáPé" (CaSh) aim to do. The series is aimed not only at young adults but children as well, as even children save money to make their dreams come true, and want more pocket money just as young adults want pay raises, K&H observes.
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