In recent weeks, searches for ‘side hustles’ have increased by 80%, indicating that those who are already employed are looking for ways to earn additional income. This shift in behaviour can be linked to a combination of factors, such as increasing financial pressure due to the rising cost of living, economic uncertainties prompting individuals to seek additional income streams, and, notably, the widespread issue of low wages.
To uncover the truth, Instant Offices has conducted research into what salary you should be earning depending on your age.
Middle-Aged Professionals Hold the Crown as Top Earners in Today’s Workforce
Naturally, the sector you join and the city you live in will influence where your paycheck falls however, recent data shows that average annual salaries typically reach their peak for workers in the 40 to 49 age group whereas 18–21-year-olds start unsurprisingly lower.
|
Age |
Annual Salary |
|
18 – 21 |
£22,932 |
|
22 – 29 |
£30,316 |
|
30 – 39 |
£37,544 |
|
40 – 49 |
£40,040 |
|
50 – 59 |
£37,804 |
|
60+ |
£33,852 |
Beyond Your Years: Other Factors Influencing Salary Trends
Industry: Salary ranges differ widely across sectors, not only when you’re a graduate but throughout your career. These industries saw the biggest revenue growth between 2023 and 2024, indicating the possibility of better job opportunities and earnings in the future:
|
Industry |
Revenue Growth |
|
Financial and insurance activities, 195.5%, |
195% |
|
Mining and quarrying |
10.1% |
|
Transportation and storage
|
6.3% |
|
Administrative and support service activities |
6.3% |
|
Accommodation and food service activities |
6.3% |
Education: It is well known that a degree, at least a suitable qualification from a reputable institution, will positively affect your salary potential. A job hunter with a solid education can expect to come in at the higher end of the starting salary spectrum.
Company: Big, small, traditional, progressive… any number of attributes will influence how much a company pays their employees.
Gender: Women earn less than men for full-time work across all age groups. The gender pay gap is especially noticeable among employees aged between 30 and 59.
How to improve your salary
Whether you’re in the highest or lowest-paying industries, there’s always room to grow, here are a few ways you can work towards increasing your salaryright now:
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Negotiate a salary raise : Keep details of your achievements at work and use them as leverage when negotiating a salary increase.
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Research and compare your salary: Know how much your skills are worth and compare your salary with the industry average for an overview.
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Become an expert : Consider training or studying short courses to become more knowledgeable in your industry.