Why we're a nation of millionaires

The average UK worker will have earned £1m by the time they are 57, according to research.

A man on an average income can expect to be an income millionaire when he is 50 years, six months and two weeks old. However, women take much longer, reaching the £1m milestone at 72 years, four months and three weeks.

But despite these earnings, fewer than two in five (37 per cent) of those expecting to retire this year have saved enough to secure a comfortable retirement, the study by Prudential concluded.

The figures show that average earnings for UK workers peak at £31,328, in their forties.