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Average British Men to Turn 'Millionaires' by 51 While Women to Wait Until 72: Study

by Rukmani Krishna on  June 23, 2012 at 11:31 PM Lifestyle News   - G J E 4
A study has revealed that an average British man will have earned a total of one million pounds by the time he is 51, while women in the UK will have to wait until they are 72.
 Average British Men to Turn 'Millionaires' by 51 While Women to Wait Until 72: Study

According to the survey done by Prudential, the figures confirm the gender pay gap, which discriminates against women in the UK, who must both juggle careers and home.

The study also shows that the average British worker of the age of 56, who has been paid one million pound, will have coughed up 137,101 pounds in income tax and 84,129 pounds in national insurance.

This means the UK tax grabs more than a fifth of the million, before a citizen even considers other levies such as VAT, council tax and duties on fuel and drink.

"We might think that making a million is a pipedream, but it will become a reality for those who earn an average salary throughout their working lives, especially if they are men," the Daily Mail quoted Vince Smith-Hughes, retirement expert at Prudential, as saying.

The firm also claimed that an individual who pays 100 pounds per month personally into a pension, over a 40 year working lifetime, could receive additional tax relief of at least 12,000 pounds.

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