Women take extra 19 years to earn their first million than men

Average man will earn £1 million by the age of 56.

The average person will earn their first million at the age of 56, according to research from Prudential.

However, the study also revealed that it will take the average woman almost two decades longer to hit that mark than the average man.

A working lifetime

By the time they reach 56 and six months, the average worker will have earned a total of £1 million over their working lifetime. They will also have paid a total of £212,300 in tax and National Insurance.

“Earning £1 million in a lifetime may seem improbably 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,” said Stan Russell, a retirement expert at Prudential.

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Gender differences

If you split the data by gender then the average man’s lifetime earnings will top £1 million when they are 50.

Unfortunately, the average woman will have to wait 19 years longer than men to make their lifetime million. Miss Average will be 69 by the time their total earnings top £1 million, having paid £160,900 in tax.

The millionaire age for women has fallen by nine months since last year, showing that female earnings are rising faster than male wages. The age at which a man becomes a lifetime earnings millionaire has only fallen by a week since last year.

Finance workers fastest to hit a million

The age at which you hit the million mark varies hugely depending on which industry you work in. People working in finance reach the lifetime million level at 41, an incredible 53 years faster than people working in the accommodation and food services sectors.

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