Prudential says men can expect to earn their first million by 50 – 19 years before female colleagues
A man on average income will earn his first million nearly two decades before an average female worker, according to new analysis from Prudential out today.
The insurance company crunched the numbers from the latest Office for National Statistics (ONS) survey of hours and earnings, finding that male workers earn £1m by the time they are just shy of their 51st birthdays, as compared to female workers, who hit the benchmark five months before they turn 70.
But Prudential said that the figure is moving “in the right direction” to close the gender pay gap, as last year’s survey showed the average woman needed to work an additional nine months to bank her first million.
Prudential also broke down the results by industry, with finance coming out as the area in which workers could earn their earliest million, at an average age of 41.
Commenting on the analysis, Stan Russell, a retirement expert at Prudential, said: “Earning £1m 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.”