October 26th 2024.
The Office for National Statistics has recently released figures that provide a way for people to compare their earnings to others in the UK. It's a common belief that money can't buy happiness, but let's be real, it can definitely solve a lot of problems. And if it can't buy happiness, then we might as well be sipping on a cold beer in Fiji instead of being stuck in a monotonous 9-to-5 job.
However, as the wise words of US President Theodore Roosevelt remind us, constantly comparing ourselves to others can steal away our joy. It's easy to get caught up in jealousy when we see our neighbor living what seems like a perfect life, but in doing so, we may forget to appreciate our own lives.
But here's the thing – us Brits have a bit of a stubborn streak. We're always curious about how we measure up to those around us, especially when it comes to our annual earnings. It's a taboo topic to discuss with colleagues, but luckily, Forbes has done some digging and analyzed the Office for National Statistics numbers to determine the UK median wage for different age groups. This allows us to see if we're doing well compared to our peers, or if we're being shortchanged.
Just a quick note – the numbers provided by Forbes are median rather than mean, as an average can be skewed by high earners. The median gives a more accurate representation of the reality around us. Unless, of course, you're part of the top 1%, in which case, you probably don't need to worry about any of this.
Let's take a closer look at the numbers. As expected, 18 to 21-year-olds have the lowest median earnings in the UK, with an average of £441 per week due to their lack of experience in the workforce. It's tough to demand top tier wages at this stage, unless, of course, you're a professional athlete.
But there's good news – earnings generally increase with age and time spent working. In the age group of 22 to 29, the median annual salary jumps to £30,316, which is closer to the overall UK average of £34,000 per year. This is a time when we have some experience under our belts, and people still see us as young, enthusiastic, and full of ideas. However, we also have to face the reality of never being able to afford our own home because we're spending all our money on avocados. This works out to be about £583 per week.
As we move into our thirties, the disparity in pay between men and women becomes more apparent. The median annual salary for this age group is £37,544, which is significantly higher than the previous age group. This is a crucial time for many, as they start a family or settle down, or simply want to live close to London and its expensive train journeys. On average, this works out to be £722 per week.
In our forties, we may start to experience a mid-life crisis, but we also earn the most in our lives. The median annual salary for this age group is £40,040, or £770 per week. No wonder so many 40-something men drive around in flashy sports cars. However, this is also the peak of our earnings, and it's all downhill from here.
In our fifties, we see a drop in median wages again, with an average of £720 per week. This is similar to the average earnings for 30-year-olds. It could be because the younger generation sees us as outdated in the workplace, or perhaps we've realized that our energy is better spent finding happiness in other aspects of life.
And finally, for those aged 60 and above, the median annual salary drops even further to £33,852, or £651 per week. Retirement may seem like a sweet escape, but for many, it's still a distant dream. Forbes attributes the decline in wages after 50 to factors such as leaving the workforce, working part-time, or health issues.
It's essential to note that there is a significant gender pay gap in every age bracket, with men earning more than women. This gap widens as we get older, with the highest difference being in the 50-59 and 60+ age groups. As Forbes points out, this is likely due to women having a more disrupted career path because of caring responsibilities.
So, how do you measure up to these numbers? Are you earning more or less than your peers? It's an interesting topic to consider, but let's not forget that money isn't everything. As the saying goes, comparison is the thief of joy. Let's focus on finding happiness and fulfillment in our own lives, rather than constantly comparing ourselves to others. And who knows, maybe one day we'll be able to afford those avocados and our own house. This article was first published on September 3, 2024. Do you have a story to share? Get in touch by emailing us.
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