Financial news categories
Financial news archive
- February 2012
- January 2012
- December 2011
- November 2011
- October 2011
- September 2011
- August 2011
- July 2011
- June 2011
- May 2011
- April 2011
- March 2011
- February 2011
- January 2011
- December 2010
- November 2010
- October 2010
- September 2010
- August 2010
- July 2010
- June 2010
- May 2010
- April 2010
- March 2010
- February 2010
- January 2010
- December 2009
- November 2009
- October 2009
- September 2009
- August 2009
- July 2009
- June 2009
- May 2009
- April 2009
- March 2009
- February 2009
- January 2009
- December 2008
- November 2008
- October 2008
- September 2008
- August 2008
- July 2008
- June 2008
- May 2008
- April 2008
- March 2008
- February 2008
Employees hit their financial peak at 40
11 June 2008
British workers earn the most throughout their 30s then earnings start to decline after reaching 40, according to a finance website.
Research by Fool.co.uk revealed that average wages accelerate during workers teens and twenties from £15,000 at 16 to £25,000 at 30 but start to drop after their 40th birthday.
David Kuo, head of personal finance at Fool.co.uk, said: "It seems we shouldn't get too ecstatic about life beginning afresh and full of bounty when we hit 40."
With the average worker having hit their financial peak of earning £35,000 at 40, people are urged to start saving before they reach the milestone in order to avoid debt problems.
"Optimistic career climbers need to plan their finances earlier. Tightening purse strings is obvious - but remembering that salary-wise they may never loosen is imperative," said Mr Kuo.
Contributions of more than £2,000 a year would be needed when a person turns 40 to support an average lifestyle at retirement, according to Fool.co.uk.
