A new study from the Chartered Management Institute suggests the gender pay gap is widening.
Whilst female managers are now paid an average salary of £31,895 a year, male managers receive an average salary of £42,441.
This gender pay gap is closing, albeit very slowly. Based on the current rates of salary growth, it would take 98 years for women to gain pay parity with men.
Salaries for women grew by 2.4% on average this year, compared to earnings inflation of 2.1% for men.
Salary inequality between the sexes is not evenly distributed across the different age groups. For junior managers, women are now earning more on average than their male counterparts.
Junior female managers have an average salary of £21,969 compared to £21,367 for men.
The gender pay gap appears to be largest in the IT sector, with the smallest gender pay gaps in the insurance and manufacturing sectors.
These figures have implications for financial planning, as couples need to understand their relative earning power to best plan their personal finances.
Photo credit: Flickr/limaoscarjuliet
