Capitalizing on Talent: Insights into the UK's Human Capital Reserves
19 Mar 2024
19 Mar 2024 by Luke Puplett - Founder
In 2022, the value of the acquired skills and knowledge, known as the human capital stock, of the working-age population living in the UK was estimated at a staggering £25.5 trillion. However, lifetime earnings, which had been growing steadily until 2020, experienced a decline in 2021 and stagnated in 2022, primarily due to an aging population and slower growth in advanced qualifications.
The ONS report reveals a narrowing gap between women's and men's per-person lifetime earnings, decreasing by 3.7 percentage points between 2004 and 2022. Despite this progress, women's earnings remained 35.9% lower than men's in 2022, driven by factors such as the gender pay gap, employment rates, working patterns, and job roles.
Regional disparities in lifetime earnings were at their lowest since 2004, with London, the South East, and the East of England exceeding the UK average. Notably, Northern Ireland and the North East experienced the highest growth in per-person lifetime earnings since 2017, indicating a gradual convergence towards the national average.
The report also highlights the impact of qualifications on lifetime earnings, with higher educational attainment correlating with increased earning potential. However, the growth in lifetime earnings has been tempered by an aging population, as older individuals have fewer working years remaining, contributing to the overall slowdown in earnings growth.
Link to the original report at the Office for National Statistics
Human capital stocks estimates in the UK: 2004 to 2022
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