Newly published figures show that Helsinki residents have a lower median income than occupants of the other three cities that make up Greater Helsinki: Espoo, Kauniainen and Vantaa. Even so, the median annual income in Helsinki is 3,100 euros higher than the median income for the entire country.
Statistics show the median income in Finland’s capital city in 2014 was 26,900 euros. In the nearby municipality of Kauniainen, the median salary for the same period was 34,100 euros, while in neighbouring Espoo and Vantaa, the yearly income was 30,000 and 27,600 euros, respectively.
The median income for the entire country in 2014 was 23,800 euros, an increase of just 1.5 percent on the previous year.
The median separates the top half of a data sample from the lower half. In this case, wage earners are listed from largest to smallest, and the median salary is the figure found in the middle. This means two years ago, half of the Helsinki population brought home less than 26,900 euros in annual income.
Men make a third more than women
Comparatively, the average income in Helsinki in 2014 was 34,200 euros, a figure that climbs to 34,800 if tax-free stock options and interest income are included in the calculation.
In 2014 every fourth income earner in Helsinki was under 30 years of age. Annual wages for this age group are generally under 30,000 euros. The large comparative percentage of young workers is one reason Helsinki’s median income is lower than that of its neighbouring cities.
Between genders, women still earn close to 10,000 euros less each year than men, growing to an 18,000-euro difference in the 65 to 74 age group. In Helsinki, men earned an average of 39,500 euros in 2014, compared with 29,600 for women.
Women’s average income nevertheless rose more year-on-year than men’s: 1.3 percent among females and just 0.5 percent for males.
Under 45s see wages fall
The group showing the most improvement when it came to annual earnings was men aged 65 and older. Their taxable income grew 5.4 percent on the previous year, compared with a 3.5 percent improvement for women.
Average incomes in Helsinki only increased for residents over 45 in 2014. Wages fell across the board for people younger than 45, especially among men.