Would you feel well-off if you earned £70,000 a year?

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There has been a debate rumbling across the UK which has been eclipsed by Trumps, well trumping, not knowing if Theresa May or May not and £200,000 a year Corbyn’s call for a flat cap and braces rein on top earners.

The question is simple and apparently quite inflammatory … if you have a joint income of £70,000 a year in the UK are you actually well-off?

Well, some say we are while others bleat that we’re not, so CWF has taken a look at what earning almost £1,400 a week really means.

So, here we go …with £70,000 a two parent family would have after-tax income of   £53,900 and this is higher than 76 per cent of the population.  But it depends where you live – while £70,000   would probably make you feel fairly well off, say in Sunderland, it is unlikely to make you feel good in London.

Shockingly, the lowest fifth of households has original income of £7,153, the next has £13,877, the middle fifth has £26,983, the fourth £43,261 and the top fifth £84,747. The median for the whole of the UK was £35,204.

And while Corbyn quite rightly worries his little head about financial equality in the UK our disposable incomes are the most equal they have been since 1986. 

Median disposable income for the poorest fifth of households at £12,459 was up 5.1 per cent, or £700, last year, while for the richest fifth it rose by 1.9 per cent, or £1,000, to £62,373.

But overall wealth matters too in an asset rich country like Britain.

A recent Wealth and Assets survey shows that in 2014 the bottom half of UK households have just 9 per cent of the wealth, whereas the top 10 per cent own 45 per cent of it.

The median household wealth was £225,100, while the bottom 10 per cent of households had total wealth of £12,600 or less and the top 10 per cent had £1,048,500 or more. To make it into the 1 per cent, you need £2,872,600 of household wealth.

So, do you feel wealthy in Britain today? Tell us your views!

Consumer Watch Foundation

News that impacts on your life and a Speak Easy to get quality advice.

2 thoughts on “Would you feel well-off if you earned £70,000 a year?

  1. Interesting article about income. It would be good if a number of people, a cross-section of society preferably, took the trouble to participate in this debate. There’s a sort of archaic ‘pride’ amongst we Brits which like Faulty Towers ‘Don’t Mention the War’, comes out as ‘Don’t tell anyone what your income is! Well, here’s mine. Elderly couple, no mortgage, State Pensions plus a modest ‘work’s pension’. Total income circa £16,000. We can afford holidays in UK, an occasional night out, good food, pay all our bills including plenty of heat in the house. Don’t buy many take-away meals and, as an instance, bought a frozen turkey crown at Christmas for around a tenner, not £35. like our next door neighbour. We have savings so if big items arise there’s no problem. I worked either part time or full time through the years. In our circumstances I don’t even need to answer whether we’d feel well-off on 70,000 pounds a year. Even with a mortgage and holidays abroad, for two people that is quite well off!! Add a few children and it is still more than adequate. In London, not excessive maybe.

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