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PPI refunds: Average Brit 'will earn £1 million' by the age of 56

Cash-strapped Brits struggling with loan charges and bank claims may take solace from new research that has found that by the time they reach the age of 56 years, nine months and three weeks old, the average UK worker will have made £1 million.

However, the study from Prudential found there is still a sizable gender gap influencing these figures.

While males on an average income will be six months and two weeks into their 50th year when they earn their millionth pound, women will have to wait until they are 72 years, four months and three weeks old.

Earlier research by the organisation found the gender gap exists in retirement incomes, with the average man expecting to earn £18,000 every year when he is claiming a pension but the typical female predicting to earn just £12,250.

Furthermore, when a person has earned £1 million, they will have to pay £84,129 in National Insurance and £137,101 in income tax.

"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," Prudential retirement expert Vince Smith-Hughes.

Charles Baker
Charles is a reputed financial analyst with decades of experience under his belt.ADNFCR-2776-ID-801391636-ADNFCR

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