Women take extra 19 years to earn their first million than men
Average man will earn £1 million by the age of 56.
The average person will earn their first million at the age of 56, according to research from Prudential.
However, the study also revealed that it will take the average woman almost two decades longer to hit that mark than the average man.
A working lifetime
By the time they reach 56 and six months, the average worker will have earned a total of £1 million over their working lifetime. They will also have paid a total of £212,300 in tax and National Insurance.
“Earning £1 million in a lifetime may seem improbably to most people when they start out on the career ladder, but with steadily increasing earnings and longer working lives it is a milestone that is becoming more achievable,” said Stan Russell, a retirement expert at Prudential.
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Gender differences
If you split the data by gender then the average man’s lifetime earnings will top £1 million when they are 50.
Unfortunately, the average woman will have to wait 19 years longer than men to make their lifetime million. Miss Average will be 69 by the time their total earnings top £1 million, having paid £160,900 in tax.
The millionaire age for women has fallen by nine months since last year, showing that female earnings are rising faster than male wages. The age at which a man becomes a lifetime earnings millionaire has only fallen by a week since last year.
Finance workers fastest to hit a million
The age at which you hit the million mark varies hugely depending on which industry you work in. People working in finance reach the lifetime million level at 41, an incredible 53 years faster than people working in the accommodation and food services sectors.
|
Industry |
Millionaire age |
|
Finance |
41 |
|
Mining and quarrying |
42 |
|
Energy utilities |
46 |
|
Information and Communications |
47 |
|
Professional, scientific and technical activities |
48 |
|
Water utilities |
52 |
|
Construction |
52 |
|
Manufacturing |
53 |
|
Transportation and storage |
53 |
|
Public administration and defence; compulsory social security |
54 |
|
Real estate activities |
56 |
|
Education |
62 |
|
Health and social work |
63 |
|
Trade and repaid of motorbikes and cars |
65 |
|
Administration and support services |
65 |
|
Arts, entertainment and recreation |
67 |
|
Agriculture, forestry and fishing |
70 |
|
Accommodation and food service industries |
94 |
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Comments
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Could you also add the figures for .. 1. how much tax money is spent on women? 2. how much of the money earned by either or both partners is actually controlled/spent by women? just curious
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and some people get 5 million bonus a year crazy
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Why is there a fixation on pushing women more and more to be more 'successful'? My goodness, the ladies have enough to do with giving birth, doing the lions share of looking after the children, and just being realistic, doing most of the cooking. I think this feminism is putting too much stress on ladies. What was the feminist movement about? Women 'rule the roost' at home anyway. I think it was a con to get women to work for tax purposes. What was wrong with the husband providing the means to run a household, and the wife did the running. Maybe part time work suits a lot of women. They don't' have to' be in the board room or earn a million by a certain time. If they want to, then let them do as they want, but the factor of child birth is forgotten about, and too much stress id placed upon them.
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01 June 2015