Financiers over 50 'have less earning potential'

News Article - 31 October 2006
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Accountants over the age of 50 earn less than some of their younger counterparts, a study has found.

Research by recruitment firm Alexander Lloyd discovered that the earning capacity of accountants peaks in their 40s, with a tendency to decline significantly past 50, Accountancy Magazine reports.

Almost 200 respondents took part in the survey, which shows that financiers aged between 20 and 29 earn an average £31,680 per year, those aged 30 to 39 earned £46,157 while 40 to 49-year-olds were paid an average of £54,545.

In addition, the salaries of those aged over 50 fell to £49,773 while the over-60s received an average £34,919.

Co-director of the company, Neil Quarendon, told Accountancy Magazine that the statistics were "alarming" but that with the introduction of the Age Discrimination Act, employers "will finally be forced to be open to changes in career paths at any time of life, improving choices and lifestyles for many people".

Last year, Accountancy Age reported that the average earnings taken home by accountants was £46,280 per year.

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