The gender pay gap remains at its widest for Britain’s oldest workers, according to new analysis from Rest Less, a digital community and advocate for people in their 50s, 60s and beyond. This year, there was a 24% difference between the median gross annual pay of full-time working men and women aged in their 50s, rising to a gap of 26% for those over the age of 60.*
Rest Less analysed pay data from the Office of National Statistics and found that in 2022, the biggest difference in full-time pay was between men and women in their 50s. Women aged 50-59 earned an average salary of £30,603 which was £7,274 less than men in the same age group who earned an average salary of £37,877.
Table 1: Median Full-time Gender Pay Gap in 2022 by Age Group, based on ONS ASHE data, issued 26 October 2022
Age Group | Median gross salary for FTE Women | Median gross salary for FTE Men |
18-21 | £17,279 | £19,360 |
22-29 | £26,329 | £28,657 |
30-39 | £31,625 | £36,053 |
40-49 | £32,829 | £40,000 |
50-59 | £30,603 | £37,877 |
60+ | £26,128 | £32,883 |
All | £29,684 | £35,260 |
|
|
£2,081 | 12% |
£2,328 | 9% |
£4,428 | 14% |
£7,171 | 22% |
£7,274 | 24% |
£6,755 | 26% |
£5,576 | 19% |
Rest Less compared 2022 data with the previous 10 years and found that whilst the national gender pay gap across all age groups has narrowed over the past decade – from 24% in 2012 to 19% in 2022 – it remains at its highest for those in their 50s and 60s. However, workers in their 50s were the only age group not to experience a widening of the gender pay gap since 2021 during the pandemic (Chart 2).
Chart 2: Median Full-time Gender Pay Gap by Age Group, 2012-22
Stuart Lewis, Chief Executive of Rest Less, commented on the data: “Caring responsibilities, the burden of which still falls disproportionately on women, means women can miss out on salary progression during their careers – which compounds as time goes on, widening the gender pay gap as we age.
‘This can have devastating long-term consequences on women’s retirement provision and financial independence into later life.
‘We know that there is a significant private pension savings gap between men and women and it’s no surprise when you see decades of the gender pay gap only getting worse in the run up to retirement – a time in life when people are typically trying to save as much as they possibly can into their pensions.
Whilst the state pension age for women is now equal with men at 66, the retirement fortunes of men and women remain anything but equal.”
Caroline Nokes, Chair of the Women and Equalities Committee: “The stubborn gap between salaries of men and women over 40 is a reflection of many factors, but it is clear that there is a great deal more that needs to be done to address the financial inequality too many women are still facing. The impact of the gender pay gap will be felt throughout a woman’s life, culminating in a gender pension gap, meaning there is not even equality in retirement.”
Emma Twyning, Director of Communications and Policy at the Centre for Ageing Better, said: “It’s really worrying to see the scale of the gender pay gap as it accumulates through women’s working lives. It is also concerning that the gender pay gap has closed so little over the past decade despite increased awareness on the issue.
“Women in their 50s and 60s are at a crucial stage in ensuring they are financially prepared for later life – and yet this data shows us that on average women are earning around a quarter less than their male peers, putting them in a weaker position to be saving for retirement.
“This wage gap is the result of a lifetime’s worth of accumulated disadvantage – from a gender pay gap at the start of their careers, to the earnings penalty women face if they become mothers, compounded by the difficulty many face in mid-life juggling work with caring responsibilities.
“We need to see much greater support for those managing health conditions and people working while also needing to provide care for loved ones, and much more being done to help women to plan and ensure financial security as they get older.”
-Ends-
Notes to Editors
*Rest Less chose to use the median average. For those who would prefer to see the mean averages, they are included in the table below:
Table 1: Mean Full-time Gender Pay Gap by Age Group in 2022, based on ONS ASHE data, issued 26 October 2022
Age Group | Mean gross salary for FTE Women | Mean gross salary for FTE Men |
18-21 | £16,894 | £19,999 |
22-29 | £28,125 | £31,513 |
30-39 | £35,384 | £42,158 |
40-49 | £39,730 | £49,273 |
50-59 | £36,824 | £48,187 |
60+ | £31,408 | £40,418 |
Difference | % Difference |
£3,105 | 18.38% |
£3,388 | 12.05% |
£6,774 | 19.14% |
£9,543 | 24.02% |
£11,363 | 30.86% |
£9,010 | 29.69% |
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About Rest Less
Rest Less (restless.co.uk) launched in early 2019 and is a digital community and advocate for people in their 50s, 60s and beyond. Rest Less is on a mission to help its members get more out of life and offers content guidance and resources on topics spanning Jobs and Careers, Volunteering, Pensions, Learning, Money, Health and Lifestyle and Dating.