What Is The Average Salary By Age In The UK?

Matt | Personal Finance

Are you curious about how your salary compares to others in your age group?   This Short is the key highlights from a full video on my YouTube channel. In the video, we break down the average salary by age for individuals living and working in the UK from 20s, 30s, 40s, 50s and 60s and the figures might be surprising to you. Whether you’re just starting out or planning for retirement, understanding salary trends can help you gauge where you stand and plan for the future   #salary #income #pay #earnings #personalfinance #moneytips

Transcript

00:00The income figures in this video are based on data from the ONS and are shown in median numbers or

00:05middle point values which are often a more accurate representation of the everyday person

00:10rather than averages which can be skewed by a few very affluent individuals. The first age group is

00:1622 to 29 and they have a median annual income of just over £30,000. For a lot of people at this age

00:23they're finishing university or training apprenticeship programs and they're just

00:27starting their career. For the 30 to 39 age group the median annual salary goes up to £37,544.

00:37This is the largest jump in salary by age group going up by around 24% compared to the 22 to 29 age group.

00:45People in their 30s will have gained some experience in their profession, had opportunities for further

00:50training and maybe they've been promoted or changed job to increase their pay. And by the 40s and 50s

00:56age groups this is when people on average are earning the most amount of income they will do

01:01over their lifetime. The median income peaks for the 40 to 49 age group at just over £40,000 per year.

01:10From the 50s age group onwards the average pay starts to decrease as people are approaching the latter

01:15stages of their career. For people aged between 50 and 59 the median annual income is over £37,000

01:23and this then decreases further as people get closer to retirement age. For the 60 plus age group the

01:30median annual income drops again to £33,852. These figures can help you to understand how your income

01:38compares to others and it can also help you to make more informed career decisions. However one important

01:44thing to note is that there isn't just one average salary for you to compare against. The median income

01:50varies significantly depending on factors such as age, the level of education you've received and the

01:56location that you live and work in. For example on average there are higher salaries typically paid

02:01in large cities and the cost of living difference contributes to the different levels of earnings

02:07that we see across the UK. A central London average salary in Westminster is £3,559 per month

02:14versus an average salary in Manchester which is £2,237 per month. So as you can see there's quite a big

02:22difference in income based on your location. If you want to see what the average salary is for the area

02:28that you live and work in you can use the interactive graph on the ONS website.

Category

Transcript

Recommended