00:00The income figures in this video are based on data from the ONS and are shown in median numbers or
00:05middle point values which are often a more accurate representation of the everyday person
00:10rather than averages which can be skewed by a few very affluent individuals. The first age group is
00:1622 to 29 and they have a median annual income of just over £30,000. For a lot of people at this age
00:23they're finishing university or training apprenticeship programs and they're just
00:27starting their career. For the 30 to 39 age group the median annual salary goes up to £37,544.
00:37This is the largest jump in salary by age group going up by around 24% compared to the 22 to 29 age group.
00:45People in their 30s will have gained some experience in their profession, had opportunities for further
00:50training and maybe they've been promoted or changed job to increase their pay. And by the 40s and 50s
00:56age groups this is when people on average are earning the most amount of income they will do
01:01over their lifetime. The median income peaks for the 40 to 49 age group at just over £40,000 per year.
01:10From the 50s age group onwards the average pay starts to decrease as people are approaching the latter
01:15stages of their career. For people aged between 50 and 59 the median annual income is over £37,000
01:23and this then decreases further as people get closer to retirement age. For the 60 plus age group the
01:30median annual income drops again to £33,852. These figures can help you to understand how your income
01:38compares to others and it can also help you to make more informed career decisions. However one important
01:44thing to note is that there isn't just one average salary for you to compare against. The median income
01:50varies significantly depending on factors such as age, the level of education you've received and the
01:56location that you live and work in. For example on average there are higher salaries typically paid
02:01in large cities and the cost of living difference contributes to the different levels of earnings
02:07that we see across the UK. A central London average salary in Westminster is £3,559 per month
02:14versus an average salary in Manchester which is £2,237 per month. So as you can see there's quite a big
02:22difference in income based on your location. If you want to see what the average salary is for the area
02:28that you live and work in you can use the interactive graph on the ONS website.
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