Degree can add 12k to salary

A degree can add on average £12,000 a year to your salary according to new figures from the Office for National Statistics.

Graduates aged 22-64 on average earned £12,000 more than non-graduates over the past decade.

They enjoyed median salaries of £29,000 compared to £17,500 for people without degrees.

For those without a degree, earnings increased for each year of age, levelling off at the age of 30 and peaking at the age of 34 at £19,400.

For those with a degree, earnings increased faster for each year of age.

They also increased for longer, levelling off at the age of 35 and peaking at £34,500 at the age of 51.

After this point average wages decreased as it is more likely that the high earners were able to retire and leave the labour market.