By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
Start Your Business Magazine
  • Topics

    Grow, expand and leverage your business..

    Grow your start up business with our experts and industry insiders…

    Get Started

    Quick Links

    • Finance
    • Marketing
    • Technology
    • Business Books
    • Wellness
    • Interviews
    • Franchise

    Our Newsletters

    Our website stores cookies on your computer. They allow us to remember you and help personalise your experience with our site..

    Read our privacy policy for more information.
  • Trending
    TrendingShow More
    Communicate Better
    Start Your Business Start Your Business
    Majority of UK Employees Looking for a New Job
    Start Your Business Start Your Business
  • How To
    How ToShow More
    Tips for Running a Restaurant in the Most Efficient Way Possible
    Start Your Business Start Your Business
    Becoming self employed…
    Start Your Business Start Your Business
    Vet Start up
    Start Your Business Start Your Business
    Builder’s Growth
    Start Your Business Start Your Business
    Market for Construction
    Start Your Business Start Your Business
  • Agenda
    AgendaShow More
    The Great Resignation or Quiet Quitting
    Start Your Business Start Your Business
    Employee Support
    Start Your Business Start Your Business
    Teamwork
    Start Your Business Start Your Business
    Office Environment
    Start Your Business Start Your Business
    Health & Benefits
    Start Your Business Start Your Business
Reading: Salary
Connect
Start Your Business MagazineStart Your Business Magazine
Aa
  • Contact
  • Blog
Search
  • Agenda
  • Blog
  • Finance
  • Growing
  • Marketing
  • Opportunity
  • Starting Up
  • Technology
  • Wellbeing
  • Contact
Have an existing account? Sign In
Follow US
  • RSS
  • Terms And Conditions
  • Privacy Policy
  • Contact
  • Licensing
Copyright © 2014-2023 Ruby Theme Ltd. All Rights Reserved.

Salary

Start Your Business
agenda Finance
Share
7 Min Read

WHAT SALARY SHOULD YOU BE EARNING AT YOUR AGE?

There’s a direct link between age and salary – for most people they will increase together as new skills are learned, more experience is gained, and potential is increased. Several variables also affect salary, including industry, development, skill set and even gender. Here are the facts about what employees need to know according to Instant Offices.

Average Wages in the UK

The average UK annual salary or monthly wage of full-time employees differs drastically across industries. According to the Annual Survey of Hours and Earnings (ASHE), the median gross weekly earnings for full-time employees in the UK were up 2.2% between April 2016 and 2017, rising from £539 to £550.

When it comes to graduate jobs, research collated by Fresh Student Living, shows graduates are quite cynical about their starting salaries, with women pricing themselves almost four grand lower than their male counterparts.

With London doubling up as the education capital of the world, and the UK’s biggest hotspot for graduate recruitment, those working in the area can expect to start with an even better salary, which Glassdoor estimates at an average of £29,975 – a full 7% above the national average. However, this figure is heavily influenced by several factors that will determine just how much you earn at what age.

Factors that Influence Salary Growth

While the type of industry and the size of your company are both factors that can influence salaries, these additional factors also play a significant role in determining how much you should be earning at your age:

Education

It is common knowledge that having a degree or qualification that is relevant to your profession positively impact your salary potential, however having experience can be equally as beneficial.

Experience

The average annual income for employees with less than one year of experience compared to those with 20+ years is, on average, £20,404 vs £39,199. Research shows that many employers value experience just as much, if not more than education. This is perhaps one of the most prominent factors and one that most closely correlates with your age. The number of years you have spent in a role or industry will have a significant impact on your salary.

Gender

In April 2017, the gap dropped to 9.1%, compared to 9.4% the year before. This is the lowest since the ASHE survey began in 1997, where the gender pay gap was 17.4%. In 2016, Monster reported that the average annual salary was £22,381 for UK women and £32,961 for UK men. More recently, in August 2018, the figures also showed the gap diminishing, with women earning an average of £25,303 and men earning an average of £30,524.

Location

London remains the beating heart of the UK’s finances and of course, those working in the area can expect a hike in pay.

Highest Weekly Wages

Area
Wage
London
£727
Reading
£655
Crawley
£633
Milton Keynes
£619
Cambridge
£609

 

Lowest Weekly Wages

Area
Wage
Doncaster
£447
Wigan
£436
Birkenhead
£428
Huddersfield
£424
Southend
£413

 

What Can You Expect to Earn at Your Age?

  • Late Teens

According to ASHE, 16-to-17-year-olds entering the job market can expect to earn under £200 a week. Thankfully, by the time you reach your twenties and have far more responsibility, this figure will improve significantly.

  • Terrifying Twenties

At this age, salaries can grow quite quickly, and employees/job hunters in their twenties can use their skill sets and education as stable motivating factors for more money. ASHE calculated the average earnings of employees aged 22-29 at up to £477.9 a week for men and £440.8 a week for women.

The most apparent dearth in a twentysomething’s arsenal is experience. As of August 2018, it has been estimated that the average annual income, for employees with less than one year’s experience, is just £20,404 for employees with less than one year of experience. However, after 5-9 years, this figure burgeons to £30,915.

  • Stable Thirties

This is the age where experience, wisdom and carefully curated set of skills will start to pay off, and also when women typically reach their earnings peak. Employees can expect to gain quite a significant boost to the weekly/monthly wage estimate. ASHE calculated the average weekly wage for employees aged 30-39 at £613.3 for men and £557.5 for women. The overall annual figure comes up to £30,440.

  • Fabulous Forties

The overall annual salary figure for this age group comes up to £49,504. While women’s earning potential is highest in their thirties, the 40-49 age group is where men hit their earnings peak.

Road to Success

Despite your current salary, there’s always room to grow. Your salary and potential earnings will increase automatically as you improve your skills, knowledge and experience, but there are a few ways you can increase it right now:

Negotiate a salary raise – Keep details of your achievements at work and use them as leverage when negotiating a salary increase.

Research and compare your salary – Know how much your skills are worth and compare your salary with the industry average for an overview.

Become an expert – Consider training or studying short courses to become more knowledgeable in your industry.

https://www.instantoffices.com/blog/reports-and-research/average-uk-salary

TAGGED: header

Sign Up For Daily Newsletter

Be keep up! Get the latest breaking news delivered straight to your inbox.

By signing up, you agree to our Terms of Use and acknowledge the data practices in our Privacy Policy. You may unsubscribe at any time.
Start Your Business February 7, 2020
Share this Article
Twitter LinkedIn Reddit Email Copy Link
  • RSS
  • Terms And Conditions
  • Privacy Policy
  • Contact
  • Licensing

Get the latest from us delivered straight to your inbox

Start Your Business Magazine: The Ultimate Business Start Up Guide provides information advice and guidance for entrepreneurs and new business start ups. Get the latest from us delivered directly to your inbox.

Our website stores cookies on your computer. They allow us to remember you and help personalize your experience with our site..

Read our privacy policy for more information.

Copyright 2023 Gambit Interactive Media Limited – All Rights Reserved.

Manage Cookie Consent
To provide the best experiences, we use technologies like cookies to store and/or access device information. Consenting to these technologies will allow us to process data such as browsing behavior or unique IDs on this site. Not consenting or withdrawing consent, may adversely affect certain features and functions.
Functional Always active
The technical storage or access is strictly necessary for the legitimate purpose of enabling the use of a specific service explicitly requested by the subscriber or user, or for the sole purpose of carrying out the transmission of a communication over an electronic communications network.
Preferences
The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user.
Statistics
The technical storage or access that is used exclusively for statistical purposes. The technical storage or access that is used exclusively for anonymous statistical purposes. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you.
Marketing
The technical storage or access is required to create user profiles to send advertising, or to track the user on a website or across several websites for similar marketing purposes.
Manage options Manage services Manage vendors Read more about these purposes
View preferences
{title} {title} {title}
Join Us!

Sign up to our free newsletter and never miss a hot topic!

Zero spam, Unsubscribe at any time.
Go to mobile version
Welcome Back!

Sign in to your account

Lost your password?