Instant Offices' study provides valuable insight into the salaries that people in different age groups can expect to earn in the UK. The study's findings reveal the average salaries for different age ranges and industries, the impact of gender on salaries, and factors that can affect someone's salary. Here's everything you need to know:
Age-based Salaries
The study found that people aged 18-21 years earned the lowest average salary of £22,932. However, the most significant increase in average salary was observed among younger people, with those aged 22 or younger, or those who are 29 or younger, earning an average salary of £30,316.
People between the ages of 30 and 39 earned a relatively higher average salary of £37,544. For those aged 40-49 years, the average salary was the highest, with people in this age bracket earning an average of £40,040.
People aged 50 and above saw a gradual decrease in average salaries, with 50-59-year-olds earning an average salary of £37,804. Those aged 60 or above earned an average salary of £33,852.
Industry-wise Salaries
The study also analyzed different work sectors in the UK and found that people in financial and insurance-related jobs earn the most. The revenue growth in this sector was significantly higher than any other industry, with a growth rate of 195.5%.
The mining and quarrying sector experienced a growth rate of 10.1%, making it the second-highest growing sector.
Other sectors such as accommodation and food services, transportation and storage, and administrative and support activities also experienced some growth, with a revenue growth rate of 6.3% in these industries.
Impact of Gender on Salaries
The study highlighted the impact of gender on salaries, with women between the ages of 30 and 59 being the most affected by the gender pay gap.
The gender pay gap is the difference in average earnings between men and women in the workforce. In the UK, the gender pay gap is 15.5% on average.
Factors that Affect Salaries
The study also found that other factors can affect a person's salary, such as their education level, organization size, and location. For example, a person with a higher degree or qualification can expect to earn a higher salary than someone with a lower degree or qualification.
Similarly, the size of the organization can impact a person's salary, with larger organizations often offering better salaries. Location can also play a role in salary differences, with salaries in London typically higher than in other parts of the UK.
Tips for Earning a Fair Salary
To ensure fair representation of oneself, Amanda Augustine, TopCV's careers expert, recommends reflecting on one's critical contributions to the company and their impact on cost-cutting, profit growth, and efficiency.
Augustine also advises staying informed about current market rates to demonstrate to employers what one should earn based on the existing climate. Maintaining a calm demeanor while asking for a salary raise is critical, as it is primarily a business issue that requires a solution.
The Instant Offices study provides valuable insights into salaries in the UK. The study's findings show that salaries vary by age range, industry, gender, education level, organization size, and location.
By reflecting on their critical contributions to the company, staying informed about current market rates, and maintaining a calm demeanour while asking for a salary raise, individuals can ensure that they earn a fair salary that represents their experience and expertise.
