Women in UK reach 70 before they earn their first £1 million: Study

Women would need to wait until their 70th birthday in the UK, before they had earned £1 million, whereas a man would get there by the age of 51, official figures show.

Typically, women aged between 30 and 39 earned £23,075, while a man of the same age pulled in an average wage of £34,500.

According an analysis of the data from the Office for National Statistics (ONS) by Prudential, the average worker would hit the £1 million in earnings mark after they had paid £123,000 in tax and £93,000 in national insurance.

According to the insurer, a man earning a typical wage throughout his career would have made £1 million by the time he was middle-aged, while a woman earning the average for her age would have to go through her whole working life before she made £1 million.

At the start of her career, between 18-21, a woman typically started out earning a wage of £8,033, whereas a man earned around £10,826. The gap widened further when men and women reached their 30s when they were often starting a family.

According to the insurance giant, it was 'entirely possible' for most workers to hit the seven-figure landmark.

One need not even be a high earner or top boss of a FTSE 100 company or coming up with the next idea for a Google, Apple or BT.

The insurer's calculations are based on the average salary for each age group from the official earnings figures published by the Office for National Statistics, and assumes that one earned the average salary for one's age group at all times.

For example, one would be earning £9,317 a year between the age of 18 and 21, £20,439 between the age of 22 and 29 peaking to £31,312 in one's 40s.

The report, however, did highlight the differential between the amount of money that men earned, as against the amount that their female colleagues earned.

In many cases, the two were doing exactly the same job – but the man was just paid more money to do it.

Women had to face the shocking 19-year wait due entirely to the fact that their salaries tended much lower than their male counterparts.

According to Stan Russell, a retirement expert at Prudential, being a millionaire was a dream for most people but the reality was that the average UK employee would easily earn £1million in a lifetime of work, Mailonline reported.