Women can't get ahead of the game when it comes to wages
WOMEN continue to lag behind men when it comes to lifetime earnings, while those Australians with a post-graduate degree will earn twice as much as those who only completed Year 11, a report revealed on Tuesday.
The AMP-National Centre for Social and Economic Modelling income and wealth report showed those Australians with a post-graduate degree would earn an average $3.2 million over their working lives, while those Aussies who only completed Year 11 would earn $1.7 million.
The report also revealed the continued inequity of incomes between men and women, with a 25-year-old woman with a post-graduate degree earning just two-thirds of a man's lifetime earnings with the same qualification - or $2.5 million compared to $3.2 million.
AMP financial services director Craig Meller said it was "never clearer" that getting an education paid off later in life.
"The report shows a person with a bachelor degree will also receive a high return on education, earning almost 1.7 times someone with Year 11 or below," he said.
It also showed while education standards were rising, only 15% of all university graduates came from struggling homes, short of the Federal Government's target of at least 20%.
LIFETIME employee income - at 25 years old, average:
Year 11 or below: $1.74m
Year 12: $2.07m
Year 11 or below: $1.26m
Year 12: $1.52m
Year 11 or below: $2.13m
Year 12: $2.55m
SOURCE: AMP National Centre for Social and Economic Modelling income and wealth report, 2012.