The gender pay gap is alive and well for most of us, according to new research
The average worker is expected to earn just over a million pounds during their career, with that figure expected to drop drastically for women compared to men according to new studies by Casumo. Across the country, the average worker will earn £1,123,164 in their 48-year working career, although that number changes once you begin to break down the figures.
The highest earners in the country are expected to work in London, unsurprisingly. The capital city is home to some of the highest and lowest salaries in the UK, but the average yearly salary sits comfortably at £31k, with the East Midlands and South East regions clocking into second and third places with an average income of around £24k. Our lowest earning region is the South West, with the average adult making just £18k per year.
“For most workers in the UK, millionaire status is just about in reach, at least as far as income is concerned,” said Casumo’s Greg Tatton-Brown. “When we are working, grafting for our wages on a monthly basis, it’s rare we take a step back to look at the big picture.”
The study does not however factor in reductions from tax, which based on the average UK monthly earnings would actually be closer to £921,000 in an average earners life. The number again drops further when looking at just the average female earnings, with the survey revealing that women are expected to earn £384,791 less than males over the course of their professional lives – men earn a much more generous average of £1.3 million.
Males are more likely to expect more money for their work than women too, with the study showing that men think they will reach an around £34k if they continue on their career path, while women consider their work worth a whole £10,000 less. Three in five Brits believe their financial situation allows them to live comfortably, but 31% feel they are currently living from month to month on what they earn, and it has raised concerns that it is going to lead to large numbers of women retiring into poverty.
“We need urgent action to close the gap,” said Dr Carole Easton OBE last year, discussing how speeches aren’t enough. “Gender pay gap reporting is a great step forward but does not go far enough to close the gap.”