What is the average UK salary in 2024?
The average salary in the UK may vary based on different factors such as industry, job, age, geographical location, and level of education. It can provide insight into economic growth, job market trends, and the cost of living.
This article explores each factor affecting the average salary in the UK. If you are looking to start your career or simply curious about the earning potential in various sectors, this article will guide you through the current figures and trends.
What is the average salary in the UK in 2024?
The average salaries in the UK have risen significantly over the years. In 2022, the average earnings for full-time employees were £33,061. By 2023, the average salary increased by 5.7%, reaching £34,963. According to a report by the Office for National Statistics, the average weekly earnings for a full-time employee was £682 in March 2024.
These statistics reflect a broader trend of wages driven by economic recovery, inflation, and increasing demand for skilled workers.
Highest paying industries in the UK
Here are the highest-paying industries in the UK in June 2024 and their average weekly earnings for full-time employees, according to the ONS report:
- Financial & Insurance Activities: £1361
- Mining Quarrying: £1288
- Information and Communication: £1161
- Professional, Scientific & Technical Activities: £1017
- Manufacturing – Chemicals and Man-made Fibres: £989
- Electricity, Gas and Water Supply: £888
- Manufacturing – Engineering and Allied Industries: £841
- Construction: £777
- Wholesale Trade: £759
- Manufacturing – Basic Metals and Metal Products: £748
- Transport and Storage: £726
Highest paying jobs in the UK
Here are the top 10 highest paying jobs in the UK, with their annual average salary:
- Information Technology Director: £115,000
- Engineering Director: £108,000
- Tax Director: £107,000
- Airline pilot: £98,500
- Anaesthesiologist: £96,000
- Nephrologist: £94,000
- Ophthalmologist: £88,000
- Orthodontist: £86,000
- CEO, managing director: £82,500
- Marketing Director: £82,000
Related: Top 40 Highest Paid Jobs in the UK without a Degree
Average UK salary by age and education level
Both age and education have a significant impact on the average UK salary. Young workers at an entry-level positions typically earn lower wages due to limited work experience. Whereas, the salaries for middle-aged and older individuals tend to rise as they progress in their careers. They may earn well above the national average and their salaries may continue to grow. Particularly for those in senior management or highly specialised roles.
The following chart depicts the average UK salary earned by each age group according to their educational qualifications.
| Age | Graduates | Apprenticeship | A level | GCSE A* to C |
|---|---|---|---|---|
| 21-30 | £23,453 | £21,642 | £17,915 | £16,325 |
| 31-40 | £33,390 | £26,556 | £21,463 | £19,069 |
| 41-50 | £35,522 | £28,729 | £22,367 | £19,494 |
| 51-60 | £33,959 | £26,384 | £21,196 | £18,119 |
| 60+ | £25,916 | £22,725 | £17,570 | £15,531 |
Employees without formal qualifications generally earn less than those with higher education. Having a formal degree often leads to higher paying jobs. However, there are certain jobs that do not require a degree but still pay well.
What factors are influencing UK salary growth in 2024?
There are several factors that contribute to the average salary growth in the UK. Understanding these factors can help both employers and job seekers make informed decisions in the job market.
1. Inflation and rising living standards
The average UK salary has increased significantly over the last decade. As the cost of living kept increasing, employers had to adjust salaries to ensure their employees can maintain a decent standard of living. In the high-cost regions like London and South East of England, washes have risen more rapidly to keep pace with inflation.
2. Labour market demand
Employers often offer competitive wages to attract top talents. This has pushed the UK economic growth. As the demand for skilled employees has increased, particularly in industries like technology, finance, and healthcare, many companies offer above-average salaries to secure the best candidates.
3. Post-Pandemic Economic Recovery
The post-pandemic recovery has been a major contributor to the growth of UK’s average salary. This happened due to many businesses rebuilding and expanding their operations The economy in the last four years is defined by the interactions between a sharp recession and improved financial security.
Moreover, the financially secure people became more willing to push their employers for more pay, switching jobs when better opportunities arose, all of which have helped the average UK salary increase more rapidly than inflation.
4. Government Policies and Initiatives
To enhance the living standards, the government raised the National Living Wage by 9.7%, which boosted the average UK salary in 2023. This move significantly impacted pay scale across various sectors, ensuring that even the lowest-paid workers benefit from salary growth.
Conclusion
While factors like industry, age, education, and experience level influence individual earnings, there are many opportunities for salary increases in high-demand industries. If you stay informed about salary trends and take proactive steps in your career, you can position yourself for financial success in 2024 and beyond.
