Women Risk Future Savings due to Working Patterns
Men pay almost double the amount of income tax during their working life, new research reveals, as women juggle family commitments around their careers.
According to analysis by MetLife Europe Limited (MetLife), the average man in employment until the age of 65 years old will pay £420,561 in income tax. This is compared to £220,185 contributed by the average women working until the age of 60 years old.
Men who work until the age of 60 even end up on average paying more income tax, about £375,820 in total. It is thought women’s lower contribution to income tax is due to their lower average pay and their employment patterns which see many take time out to look after family or work part time.
“Women are a vital part of any workforce and it is striking that their tax contribution is so much lower than men’s and that the total paid in tax over a lifetime varies so much,” said Dominic Grinstead, MetLife managing director, Europe Limited’s UK branch.
According to research by Halifax, the cost of owning and running a home is at its highest level since 2008, showing disposable incomes are being stretched on essentials when many could benefit from putting them into a savings account for the future.
The study revealed costs such as mortgage payments, council tax, utilities, insurance, maintenance, household appliances and toiletries all cost more, and are up on average by 1.4 percent from March last year.
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