The kids are finally back to school after a long hot summer and some have pretty lofty expectations of what their education will get them.

A poll by Halifax has revealed schoolchildren across the country are preparing for the millionaire lifestyle, as they expect to earn £1.37m a year when they grow up.

The poll, which asked 8 – 15 year-olds to write down their future earnings, found that their expectations are nearly 38 times the average wage in 2019 of £36,611.

When asked to think generally about the origins of people’s cash, more than half (54%) said they understand that it is earned through work, and 27% think it’s provided by the banks.

The myth of the money tree is alive for just 3% of children, who believe it is somewhere out there.

The young respondents were also asked to estimate the earnings for certain professions.

The children thought a teacher earns £140,000, when in reality their salaries start at £23,720, according to Halifax.

Similarly, it was estimated that police officers earn £165,000 a year when in fact the figure starts from £23,000

Those looking to follow in the footsteps of their male and female football heroes will be left feeling short changed by £400,000 and £656,000 respectively. Children who see themselves as future leaders of the country would be requesting a £2 million pay rise on their first day as they estimated the PM earns £2.13m rather than the real figure of £158,754. Boris Johnson would love that!

They were also quite optimistic when it came to retirement, hoping to retire at age 55.

Unfortunately, the State Pension age will likely be 68 when this generation are thinking about hanging up their boots, a further 13 years of labour to get through.

We can’t help your child become a footballer or the PM but we can at least help them and you save and invest so they can at least try to reach these lofty ambitions.

  • The value of an investment and any income from it can fall as well as rise and you may not get back the original amount invested.
  • Past performance is not a reliable indicator of future performance and should not be relied upon.