2.1 Earning money
Money enables people to buy or sell goods (like mobile phones or ice creams) or services (like holidays or gym memberships). Most people earn money by working for others or by running their own business.
The amount of money that people earn usually changes with their age.
The graph below shows the weekly pay of a typical (median) person in different age groups. The graph shows that a typical (median) 16–17-year-old young adult earns around £331 (before tax) per week (Office for National Statistics, 2024).
Something to talk about – which occupation will you choose?
There are many factors that affect people’s occupational choices.
One factor is the amount of money that different occupations offer.
1. Use this interactive tool [Tip: hold Ctrl and click a link to open it in a new tab. (Hide tip)] by the Office for National Statistics to explore annual income (before tax) for different occupations.
2. Which occupation might you choose after you finish your education or training?
Feedback
The question related to your occupational choice is a difficult one. So, please do not worry if you do not yet know the answer.
Looking at income for different occupations may give you an idea about what you would like to do.
However, please do keep in mind that money is not the only thing that affects the occupations that people choose.
People choose occupations depending on what they love doing. Their occupational choice also depends on the opportunities available in the economy.
At this stage of your life, keep learning and exploring!
Learning outcomes
