But for millennials, it is a different story.

Those born in the late 1980s earned less at 28 than the generation born 10 years earlier. That is because they started their careers in the middle of an unprecedented pay slump, following the 2008 recession.

However, there are ways to improve your pay growth. Going to university while young delays work, but often leads to faster pay growth for the rest of your 20s.

Graduates born in 1980 saw their average pay rise by 8% a year in real terms between the age of 22 and 30. That is compared with 6% per year for those whose highest qualification is A-levels, or 3% for those with an equivalent vocational qualification.