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Women have to wait 19 years longer than men before they have earned £1 million, study finds Women have to wait 19 years longer than men before they have earned £1 million, study finds
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Women have to wait an extra 19 years before they have earned their first £1 million compared to men, a study has found.Women have to wait an extra 19 years before they have earned their first £1 million compared to men, a study has found.
While men can expect to reach the amount by the time they are 50, women typically have wait until the age of 69, according to the research by Prudential, based on figures from the Office for National Statistics. While men can expect to reach the amount by the time they are 50, women typically have to wait until the age of 69, according to the research by Prudential, based on figures from the Office for National Statistics.
The gender pay gap however appears to be shrinking, with rising wages meaning women have reduced the time it takes to reach the £1m milestone by an average of nine months compared to last year – while men are now reaching it a week earlier.The gender pay gap however appears to be shrinking, with rising wages meaning women have reduced the time it takes to reach the £1m milestone by an average of nine months compared to last year – while men are now reaching it a week earlier.
In November last year it was reported that official figures showed while the gap between men and women's earning were at its lowest since records began, men still earned 17.5 per cent more than women on average per hour.In November last year it was reported that official figures showed while the gap between men and women's earning were at its lowest since records began, men still earned 17.5 per cent more than women on average per hour.
It meant women on average earned 82p for every £1 earned by a man.It meant women on average earned 82p for every £1 earned by a man.
The fall came however after the gulf actually widened the year, for the first time in five years, to 19.8 per cent. The fall came however after the gulf actually widened the year before, for the first time in five years, to 19.8 per cent.
According to the Prudential research, the average age overall for someone to earn £1m in total over the course of their career is 56 years and six months.According to the Prudential research, the average age overall for someone to earn £1m in total over the course of their career is 56 years and six months.
Unsurprisingly, those working in finance were found to reach the mark in the least amount of time – at the age of about 41. Those working in finance were found to reach the mark in the least amount of time – at the age of about 41.
At the other end however, those in the accommodation and food service industries would on average have to work until they were 94 before they reached the £1m amount.At the other end however, those in the accommodation and food service industries would on average have to work until they were 94 before they reached the £1m amount.
Elsewhere, information and communications reached the amount by 47, construction workers at 52 and education workers at 67. Elsewhere, information and communication workers reached the amount by 47, construction workers at 52 and education workers at 67.
Stan Russell, a retirement expert at Prudential, said: “Earning £1 million in a lifetime may seem improbable 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.”Stan Russell, a retirement expert at Prudential, said: “Earning £1 million in a lifetime may seem improbable 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.”
Prudential did not take tax into account when calculating the figures. It said the average worker would pay around £212,300 in tax and national insurance by the time they reached £1m.Prudential did not take tax into account when calculating the figures. It said the average worker would pay around £212,300 in tax and national insurance by the time they reached £1m.
Additional reporting by PAAdditional reporting by PA