Women in the UK must work until 79 to earn the amount that a man has made by 65, research from the Chartered Management Institute has found.
Figures from the National Management Salary poll, which covers more than 68,000 professionals, show that women earn only 77 per cent of what men earn, meaning there is a pay gap of 23 per cent.
The findings also show that senior management positions are dominated by men, with women assuming just 30 per cent of these positions.
The pay gap in the UK has been identified as being most prominent from the ages of 45 and above, at roughly 35 per cent, compared with 6 per cent for 20-25 year olds.
Adviser view
Mary Waring, founder of Surrey-based Wealth for Women, said of the findings: “The entry-level pay gap puts a woman at a slight financial disadvantage from the beginning of her career, which could hinder her ability to invest in pension funds and result in her having less disposable income in later life than her male counterpart.
“These findings, in some cases, will reflect a woman’s personal choice to not assume senior management positions, due to other commitments, for example children. It is also generally true that men tend to be more proactive in applying for jobs, which allows them to advance in their careers.”
