Reviewing the average UK annual salary or monthly wage in the UK can be helpful. You may find average salary information crucial if you are seeking a salary raise or entering the job market for the first time. Maybe you are re-entering the job market after a career break, have secured new skills and qualifications, changing job titles, or switching industries.
Age plays a significant factor in average wages, so while the overall average UK salary is an interesting figure, the average annual income by age group may be more useful.
In this article, we share and discuss the following:
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The average annual salary by age group
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Why does my salary vary from the national average?
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Factors that influence salary growth
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How to ask for a salary increase
AVERAGE ANNUAL SALARY BY AGE GROUP
The Office for National Statistics' latest annual survey, Earnings and Hours worked, Age Group, reveals the following average annual income, monthly wage, and median gross weekly earnings for each age group.
AVERAGE SALARY FOR AGES 18-21
The average starting salaries for 18-21-year-olds is £12,451 per year. The average earnings equate to £1,038 per month, with an average weekly wage of £239.
AVERAGE SALARY FOR AGES 22-29
Annual wages in the UK for 22-29-year-olds is £25,178 per annum. Earning at your age group per month equals £2,098, and £484 per week.
AVERAGE SALARY FOR AGES 30-39
The average annual salary potential for 30-39-year-olds is £30,019. This gives a monthly wage of £2,502, and a weekly wage of £577.
AVERAGE SALARY FOR AGES 40-49
Your current salary should hit its earnings peak in the 40-49 age bracket. 40-49-year-olds have an average annual income of £31,476, equating to £2,623 per month, or £605 per week.
AVERAGE SALARY FOR AGES 50-59
Potential earnings for 50-59-year-olds give average salaries of £29,007 per annum. The overall annual figure breaks down to £2,417 monthly, and £558 weekly.
AVERAGE SALARY FOR AGES 60+
The annual survey of Hours And Earnings ASHE report shows salary expectations should fall for the 60+ age group. Earning at your age will fall to £22,023 annually, £1,835 monthly, and £424 weekly. If you are in this age bracket and seeking work opportunities, read our guide - Jobs To Do In Retirement.
WHY DOES MY SALARY VARY FROM THE NATIONAL AVERAGE?
Now that you have seen the direct correlation between age and salary, you may be wondering why your salary differs from the national average salary. When you compare your salary, it is important to appreciate that the figure is heavily influenced by other variables. The most prominent factors that affect salary ranges include being part or full-time employees, education and qualifications, location, season, industry, skill set, and even gender.
FACTORS THAT INFLUENCE SALARY GROWTH
Next, we go into more detail about why your overall annual salary figure varies from the nation’s average and the factors that influence wage growth.
EDUCATION AND QUALIFICATIONS
School leavers receive the lowest pay, however, graduate jobs command a higher salary. UK graduates earn more money, however, if you don’t have a degree, you could gain other qualifications that will positively influence salaries. You could study for a job-related diploma or NVQ, which could give quite a significant boost to your annual wage.
SKILL SET AND INDUSTRY EXPERIENCE
The salaries of employees differs drastically across industries, and building a skill set within your profession will help you move toward the industry average salary or above. An industry development skill set plan is something to commit to throughout your entire career and will help full-time employees maximise their salary at every level. Skills can be developed internally, through employer training, or externally, through certifications, associations, and professional memberships.
You can discover the highest and lowest-paying industries in our article, How Much Can I Earn Working In Different Sectors?
LOCATION AND COST OF LIVING
The local cost of living closely correlates to the average salary you can receive. Salaries vary significantly across the UK, with London offering staff the highest average wages. You can uncover where you can find the highest-paid jobs in the UK by reading our articles, High Paid Jobs By Region and High Paid Jobs By City.
THE GENDER PAY GAP
The gender pay gap also continues to play a significant role in employee compensation. In full-time roles, men earn an average salary of £35,260, reaching maximum pay in the 40-49 age group. Women in full-time roles earn an average salary of £29,684 per year. Women typically reach their maximum salary during their 40s. The figures for full-time employees differs drastically from those of part-time workers, and while the gender pay gap still exists, part-time workers earn maximum pay in their 30s.
SEASON
Monthly wages and weekly wages can swing through the year as demand in certain industries and job titles rise and fall. For example, during the summer and autumn, crop pickers, sorters, and packers are in higher demand and may get a higher salary. Similarly, in the run up to Christmas, temporary retail sales staff and warehouse pickers could secure higher wages.
HOW TO ASK FOR A SALARY INCREASE
If you compare your salary and find you are not being paid fairly, you could negotiate a salary raise. A pay rise negotiation is something that can drudge up feelings of dread or fear but can be the only way to increase your pay, other than making a job search and finding a new employer. In our guide, How To Ask For A Salary Increase, we give you the confidence to negotiate salary with concrete steps you can take to justify your position and provide evidence of your professional successes.
Average Wage UK FAQs
Here we answer your questions on the average UK annual salary.
WHAT IS THE AVERAGE SALARY BY AGE?
The average salary by age is the figure you are most likely to earn for a particular age bracket. Our figures are for the median average UK salary, which means an equal number of people are earning above and below that figure.
IS THERE A RELATIONSHIP BETWEEN SALARY AND AGE?
Yes, salary and age have a strong correlation and employers inevitably increases salary as you build years of experience.
WHAT IS SALARY DEPENDING ON EXPERIENCE?
Salary depending on experience refers less to age and more to the skill set, performance success, job, and industry expertise accumulated.
