Insurance, financial industry wages on the rise

New research highlights the UK industries that have experienced the most significant wage increases, with financial and insurance activities making it to the top 10.

The study by Journo Research, assisted by global fintech group Plus500, analysed data from the Office for National Statistics’ Wages and Salaries Survey. It compared the percentage increase in weekly earnings from December 2022 to December 2023.

Financial and insurance activities saw a major increase, with wages rising from £1,489.82 to £1,583.41, an increase of 6.28%. This places the sector tenth on the list.

The manufacturing of textiles, leather, and clothing industry saw the largest wage increase over the year. Average weekly earnings in this sector rose from £489.18 in December 2022 to £549.41 in December 2023, marking an increase of 12.31%.

The agriculture, forestry, and fishing industry ranked second. Weekly earnings increased from £462.40 to £514.45 between December 2022 and December 2023, a rise of 11.26%.

The real estate activities industry followed in third place, with average weekly earnings rising from £632.48 to £703.64, a percentage increase of 11.25%.

How did other sectors fare in terms of wage increases?

Fourth on the list was the accommodation and food service activities industry. Average weekly earnings in this sector increased from £296.12 in December 2022 to £325.71 in December 2023, representing a rise of 9.99%.

Rounding out the top five was the manufacturing of basic metals and metal products industry, where weekly earnings grew from £700.15 in December 2022 to £765.37 in December 2023, an increase of 9.31%.

Other industries that saw significant increases include information and communication, with a rise from £1,070.36 to £1,166.77, an increase of 9.01%. Administrative and support service activities experienced an 8.08% increase, from £541.64 to £585.39.

The retail trade and repairs sector saw earnings increase from £379.09 to £405.17, a rise of 6.88%. Public administration wages increased from £683.90 to £728.29, a rise of 6.49%.

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