10 Statistics to Compare the Average Salary by Age Worldwide

Updated on December 25, 2023
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Written by
Andrea Mercado
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Average salary by age

Understanding how your salary stacks up against others in your age group and across the globe can be enlightening. 

Recent U.S. Bureau of Labor Statistics research reveals that the most significant salary jump typically happens between 20 to 24 and 25 to 34, underscoring the critical period for career advancements driven by skills development and work experience.  

To compare the average salary by age worldwide, stay tuned. We will explore the global landscape in 2023 and the salary projections for 2024.

Average U.S. salary by age in 2023

1. The average salary for U.S. men aged 20-24 is $40,612 

Salary data in 2023 discloses that American men aged 20-24 earn an average of $40,612 per year.

However, pay inequality remains prevalent even among the youngest workers. While both genders have long careers ahead to bridge divides, the wage gap emerges early and impacts lifetime earnings. 

Men in this age bracket outpace female counterparts by over $4,000 in median annual earnings. Specifically, U.S. women aged 20-24 receive around $36,504 in median pay. 

2. There is an 8-cent pay gap for women ages 25-34 in the U.S.

Among workers aged 25 to 34, the wage landscape is experiencing a subtle but noteworthy transformation. 

According to Pew Research, in early 2023, women in this age group earned, on average, 92 cents for every dollar earned by their male counterparts – a mere 8-cent gap. 

Surprisingly, this gap is considerably smaller than the overall workforce, where the gender pay gap for all ages stood at 18 cents during the same period. 

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3. The average annual salary for U.S. men aged 45-54 is $72,228 

Analysis from the U.S. Bureau of Labor Statistics reveals Americans aged 45-54 receive the highest median income across all age groups at $1,233 weekly. Though men and women reach peak pay in their late-career years, the data shows pay inequality remains ever-present. 

Men aged 45-54 bring in a median salary of $72,228 annually - over $15,000 higher than the $57,096 median yearly pay for women of the same age. 

That amounts to a 26.5% income disparity, favoring males within the age range seeing the highest overall earnings.

Average U.K. salary by age in 2023

4. The average annual UK salary is £35,464, peaking at 50

According to data from the Office for National Statistics (ONS), your age affects how much money you make in the UK.

People usually earn more each week as they age until they turn 50. The average weekly wage is £682, about £35,464 a year.

Earnings typically go up in your 20s, 30s, and 40s when people often make significant career steps. Things like learning new skills, getting more education, and gaining experience at work help with this. The data shows that these factors are essential for making more money.

But here's an interesting thing: after people turn 50, their weekly earnings decreases. That might be because some people retire early, work part-time, or have health issues. 

5. There is a gender pay gap of around £650 for UK women aged 18-29

Analysis of UK wage data exposes a gender pay gap emerging early in women's careers. Among 18-29-year-old employees, women make around £650 less than their equivalent male counterparts.

In the UK, a gender pay gap has persisted, even since the early working years. On average, women between 18 and 21 earn £22,516 annually, while their male counterparts make approximately £23,244.

Importantly, this gap continues across age groups, exemplified by women aged 22 to 29 earning around £29,380 annually, compared to the £31,408 made by men in the same age bracket. 

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6. The average UK salary for those under 30 is 25% less than that of those over 40

Analysis of UK wage data shows a significant 25% pay gap between younger and older workers. 

According to the ONS, workers under 30 receive median earnings of £22,932 annually. That pales compared to over 40s, who average £40,040 per year.

Specifically, 18-21-year-olds make around £22,932, while 22-29-year-olds see nearly equivalent pay. 

However, incomes rise much higher for aged 30-39, reaching £37,544. And earners over 40 experience another pay bump. 

7. There is a 21% gender pay gap for 50-59 year-old workers in the UK.

While younger demographics see a smaller 7% income gap, inequity remains. Analysis of UK wage data exposes a significant 21% gender pay gap between men and women aged 50-59 in full-time roles. 

Men in this bracket earn a median salary of £40,768 annually, while women make £33,592 - over £7,000 less.

The sole category where women edge out their male counterparts in average weekly earnings is part-time work.

Average salary in Australia by age in 2023

8. 44% of Australian teens earn no income despite being legal to work since the age of 15

In Australia, where the minimum working age varies by state but generally starts at 15, teenagers in the 15-19 age group face the lowest weekly income compared to other age brackets.

Official wage data reveals that 44% of teens aged 15-19 report no weekly income. For those earning, most fall into the $1-$249 bracket at 32.4%.

The percentage of teenagers decreases steeply in higher income ranges. 

Just 13.8% make $250-$499 weekly. And a tiny 0.2% of Australian teens earn over $2,000 per week.

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9. 40% of Australians aged 20-24 earn around $500-$999 weekly

The Australian Bureau of Statistics data revealed that 42.4% of 20-24-year-olds earned between $500-$999 weekly in 2023. The next highest bracket saw 17.2% making $1000-$1499 weekly.

Comparatively, few surpass higher income ranges at this young age—just 1.6% net $2000-$2999 weekly, while 0.6% exceed $3000.

While incomes grow, those in their early 20s predominately fall in middle-wage brackets. 

By ages 25-34, earnings spread more evenly across tiers - though 3.6% still report no income.

The data shows pay rising substantially for Australians from their 20s to 30s. However, many remain middle-income earners with differing financial needs across life stages.

10. $1,000-$1,499 is the most typical weekly wage for Aussies aged 35-44

Analysis of 2023 income data indicates significant jumps between ages 25 and 45. 

Recent reports show Australians aged 35-44 most commonly earn $1000-$1499 per week. Specifically, 21.1% of those in their late 30s and early 40s fall into this wage bracket.

This age group's second most frequent income category proves slightly lower at $500-$999 weekly, with 20.5% of earners. Comparatively few 35-44 year-olds report no income, at just 4.1%.

As Australians progress through their 30s and into their 40s, average pay reaches prime earning years for many. While over 20% rank as middle-income earners, almost 18% net $2000-$2999 weekly. 

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Photo by engin akyurt on Unsplash

Summary: Average Salary By Age Worldwide

1. The average salary for U.S. men aged 20-24 is $40,612

2. There is an 8-cent pay gap for women ages 25-34 in the U.S.

3. The average annual salary for U.S. men aged 45-54 is $72,228

4. The average yearly UK salary is £35,464, peaking at 50

5. There is a gender pay gap of around £650 for UK women aged 18-29

6. The average UK salary for those under 30 is 25% less than those over 40

7. There is a 21% gender pay gap for 50-59 year-old workers in the UK.

8. 44% of Australian teens earn no income despite being legally working since age 15

9. 42.4% of Australians ages 20-24 earn around $500-$999 weekly

10. $1,000-$1,499 is the typical weekly wage for Aussies ages 35-44.

FAQ

Which region outperformed others in terms of actual salary increases in 2023?

In the Asia-Pacific (APAC) region, real salary increases surpassed the rest of the world in 2023. Vietnam led the way with the highest salary growth of 3.6% in real terms, followed by Thailand at 3.5%.

Which Latin American country boasts the highest average monthly salary?

Chile leads Latin America with an average monthly income of $2,375, making it the highest earner in the region.

Salaries in Chile vary between $473 and $8,340 per month, reflecting a broad spectrum of income levels.

However, according to data, the median income in Chile is $1,690 per month, indicating that half of the population earns more while the other half earns less.

What was the average global salary increase in 2023?

Globally, salaries increased by 5.0% in 2023, and the forecast for 2024 is also 5.0%. However, factoring in inflation, global salaries fell by 0.9% on average in real terms.

However, they are anticipated to return to growth in 2024, with average wages increasing by 1.0% in real terms.

Final Thoughts:

Data shows similar trends across different regions and age groups. 

People usually earn more in their 30s and 40s as they gain skills and experience. Yet, gender differences can limit women's trajectories globally. 

However, targeted development initiatives show promise. Although current economic instability continues, specialized upskilling can empower individuals to excel through the volatility.

Regarding the projections and considering inflation, the global average wage is expected to grow by 1% in 2024.

Sources:

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Andrea Mercado is a tech-focused journalist and copywriter with over 5 years of experience covering innovation, edtech, AI, and internet trends across media outlets. She is passionate about how technology can democratize access to education and is an avid learner when it comes to emerging tech like AI. Her articles and webinars help readers stay informed on the latest tech developments.
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