You are here: Home - Saving & Banking - News -

Gender pay gap for high earners will take 36 years to close

Written by: Danielle Levy
It could take up to 36 years to close the pay gap between men and women earning over £100,000, according to a study by easyMoney.

Research produced by the investment platform of Sir Stelios Haji-Ioannou’s easy family of brands shows that men outnumber women in the £100,000 plus earnings bracket by four to one.

In 2016, 680,000 of the 860,000 high earners in the UK were men, equating to 79%. These figures are based on HMRC data, which is only publicly available up to 2016. The 79% figure represents a marginal improvement since 2011, when men accounted for 83% of high earners.

EasyMoney estimates that if this rate of progress continues, the gender pay gap for those in the £100,000 plus earnings bracket will not close until 2055.

Nevertheless, in spite of slow progress over the past five years, there were a number of bright spots in the data: the overall number of female high earners grew by 75% during the period – almost double the rate of growth for high-earning men.

Andrew de Candole, chief executive of easyMoney, commented: “There is still a long way to go – even though there are cracks, the glass ceiling is very much still there. The trends are in the right direction but progress is very slow.”

He added that the pay gap means that women are left with less money to save over the course of their careers, compared to their male counterparts. This means it is important to shop around to get the most attractive interest rates on investments.

“With women starting off behind men on the amount they earn, they need to get better returns on the money they save in order to catch up,” he added.

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Unfamiliar banks woo savers with top rates…is your money safe?

If you’ve been keeping an eye on the savings best buy tables, you’ll have noticed some unfamiliar names lu...

What the base rate rise means for you

The Bank of England has raised the base rate by 0.25% to 0.5% – following on from the increase from 0.1% to ...

How to get help with your energy bills

The rise in the energy price cap from April will mean millions of households will pay hundreds of pounds a yea...

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Money Tips of the Week