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Employers may not be able to discriminate by age but personal finances certainly seem to; Independent financial website Fool.co.uk has discovered that rather than becoming wealthier with age and experience, most individuals reach their financial best at age 40.

The study of 3321 of its research panel members found that the average wage for 16 to 20 year olds moves from £15,000 to £17,500, then accelerates through their thirties to flatten out at £35,000 once individuals hit 40 years of age. For women, the plateau occurs earlier, at 36 years, and never reaches the peak of £45,000 scaled by their male counterparts.

David Kuo, head of personal finance at Fool.co.uk said: "We all like to think that milestone birthdays lead to exciting turning points in our lives. But it seems we should not get too ecstatic about life beginning afresh and full of bounty when we hit 40. With average consumer debt of £21,450 and potential mortgage debt of much more, it seems those of us indelicately referred to as middle-aged should show some of the conservatism the term implies. No one should ever think they are over the hill at 40, but you will have a financial mountain to climb if you have not saved enough when you were still young and upwardly mobile."

For the typical twenty- and thirty-something, this is a cautionary tale, given that these groups racked up a sixth of Britain's total consumer debt in recent times, according to the Bank of England. The withering in wages coincides with a life stage that is typically more dynamic, making income stagnation a double blow. Around this age, 85 per cent of people own their own homes and 65 per cent support dependants, including both parents and children.