- The gender pay gap for full-time workers has dropped below 9% for the first time and now sits at 8.6%
- Millennial women are closing in on equal pay, with those aged 22-29 earning 1.3% less on average than their male counterparts
- However, the pay gap widens from age 30 onwards and remains well over 10% for those aged 40 or older
- Gender inequality issues extend to retirement saving and investing for the future
Laura Suter, personal finance analyst at AJ Bell, comments:
“These stats lay bare both the significant progress made in delivering pay equality over the past 20 years and the significant challenges that remain.
“Twenty years ago a woman in full-time work could expect to earn more than 17% less than her male counterpart – today that gap is below 9%.
“Millennials appear to be leading the charge, with younger men and women edging towards pay parity.
“We now need to see this cohort of women encouraged to progress through to senior management roles. Focus should also turn to addressing the larger pay gaps that persist for older employees.
“It is not just in salaries where women fall behind men, however. Women have historically been less able to save for retirement and have less scope to invest for their future, potentially storing up serious problems for later years.”