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Women have to 'wait until 70 before earning £1m'

Women will have to wait until their 70th birthday before they have earned £1 million, whereas a man will get there by the age of 51, according to official figures.

A typical woman aged between 30-39 earns £23,075, while a man of the same age pulls in an average wage of £34,500. Credit: PA

Prudential analysed data from the Office for National Statistics (ONS) and found the average worker would hit the £1 million in earnings mark after they have paid £123,000 in tax and £93,000 in national insurance.

The insurer found a man earning a typical wage throughout his career will have made £1 million by the time he is middle-aged.

However, a woman making the average for her age would have to go through her whole working life before she made £1 million.

When a woman starts out on her career, between the aged of 18-21, her typical wage is £8,033, whereas a man earns around £10,826. The gap widens further when men and women are aged in their 30s and are often starting a family.