[frobozz]

It does seem to be worded that way.

I disagree with that statement, but there is still a financial incentive issue. Having gained your first degree, you have a choice between starting to earn real money by leaving academia or starting a PhD (possibly via MA/MSc), which might be self funded or on a meagre stipend unless it is in something very marketable. Following that, probably 3 years in a postdoc position at the same salary you could have been paid 4 years ago. So now 7 years on, you might be able to get a lectureship, still only earning as much as those who have finished their 1 or 2 year milkround graduate training position.

As you approach 40, you might become a reader, at this point your salary might be at parity with your peers from your undergraduate days who are working in charities or government jobs, but all your private sector peers are earning way more.

As you enter your 50s, you might finally become a professor. At this point, your salary matches those old chums you had who went into business, but only because their income peaked about a decade ago, and you have now caught up.

At pretty much any point along this journey, you will have options to jump ship and earn more.