Doctors have experienced the largest drop in spending power of any UK profession over the past 20 years, according to new research by Knowledge Train using ONS salary data. While medical practitioners' wages have risen slightly in cash terms from £76,873 in 2005 to £78,796 now, after accounting for inflation their pay has fallen by 42%.
The study analysed 158 UK jobs and found that two-thirds now pay less in real terms than they did in 2005. NHS workers have staged a series of strikes recently, protesting salary stagnation and worsening working conditions amid high inflation.
Legal and insurance professionals also lose out
Legal professionals have seen wages rise in cash terms from £32,881 to £35,507 over the past two decades, but these workers are now 39.1% worse off than they were previously. Insurance underwriters may earn £7,800 more on paper than in 2005 — currently averaging at £41,610 compared to £33,828 — but effectively make 31% less nowadays.
The pattern holds even where cash rises are more significant, highlighting the impact of inflation on purchasing power across several traditionally professional roles.
Hairdressers and barbers lead wage growth winners
On the other hand, hairdressers and barbers have seen their pay rise by 34.6% after inflation over the same period, from £10,177 to £24,279, marking the biggest real-terms gain of any profession analysed. Retail cashiers and checkout operators followed at 29%, with leisure and theme park attendants and bar staff at 25.5% and 23.5% respectively.
However, while these roles have seen the most real-terms wage growth, their average salaries are still far below the national average of £39,260 — in fact, typically under £30,000. Rather than these professions now being well paid, it seems they're merely catching up after being notoriously underpaid.
Rail assistants outperform social workers
The only outliers are rail travel assistants, who check tickets and help passengers on trains, and have seen their pay rise by 113% before inflation to £46,062 (previously £21,587). That equates to a 20.4% gain in real terms, and means they now average out at more than social workers on £44,550.
Simon Buehring, founder and managing director of Knowledge Train, commented: 'Over the past 20 years, the biggest rewards haven't gone to those with degrees or traditionally prestigious jobs, they've gone to workers with scarce skills, strong demand and bargaining power.'
'Minimum wage rises have lifted pay at the bottom of the market, faster than inflation increases have benefited unionised and safety critical roles like rail staff and paramedics, and skills shortages have pushed employers to bid up pay where they can't easily fill vacancies. Meanwhile, years of public sector pay restraint help explain why doctors and other qualified professionals have fallen behind.'
