6th November 2015
Women’s are still earning a third less than men despite pay increases rising twice as fast since 2009.
Women have seen their pay rise twice as fast as men since 2009 but on average men in full time employment still earn 32% more than females, according to research by Halifax.
Women’s earnings have risen 8% between 2009 and 2014 compared to just 4% for men but despite this the average salary for a mean in full-time employment last year was £37,028 compared to £21,750 for women.
Men are more likely to be employed than women – 78% versus 69% – and more are in full-time employment, 71% versus 53%, showing that traditional gender rules are still at play.
Giles Martin, head of Halifax Savings, said: ‘In terms of pay, women have fared better than men since the economic recovery began. While this has helped to reduce the economic and financial gap between the genders, there is still a substantial difference in average salaries when in full-time employment.
‘Despite the economic outlook brightening, there are lots of financial pressures facing families, and planning for the long term as well as the short term is key irrespective of gender or income.’
Despite lower pay, it seems women are saving more than men. Female savers with Halifax have an average balance equivalent to 45% of their average annual gross earnings while men have an average balance of just 26%. The average savings balance for women is £9,234 and for men it is £8,878.
Men are also more likely to have no savings, with 43% of single men reporting they have none compared with 34% of single women.
However, more men are contributing to a pension – 30% versus 27% of women. A quarter of both men and women save into a workplace pension, fewer women have personal pensions.