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To wonder what a ‘good wage’ is?

(581 Posts)
PaperdollCartoon Fri 12-Jan-18 17:48:45

Not really an AIBU but something I’ve been pondering on, and posting here for traffic and opinions.

I often see people mentioning that someone earns ‘a good wage’ or indeed a high wage, but what that means in practice is clearly dependent on many factors, not least the area someone lives in but also their dependents.

I work in an industry where I talk to people on very high wages all the time about their jobs, which I think skews my view of what’s normal. I was involved in a discussion in another forum recently where it was mentioned the average salary at the moment is £27,000. Of course this is a mean average, skewed by a few very high salaries, and most people are below that. But many people were commenting that they didn’t know anyone who earned that much and had never earned anywhere near that themselves.

I’ve also been fascinated by this calculator from the Institute of Fiscal Studies that shows where households fall in the stratification of the country https://www.ifs.org.uk/wheredoyoufitin/
I think a lot of people would be surprised by it. When DP and I each earned the average salary (no kids) we were still in the top 25/30% ish of households which seems mad, and we live in an expensive area.

I’m wondering - what do you think a ‘good wage’ is, and at one point does something become a high wage?

PaperdollCartoon Fri 12-Jan-18 17:50:20

Sorry I thought that would make a clicky link.., new phone

arethereanyleftatall Fri 12-Jan-18 17:50:53

To me, if someone says good wage, that means to me upwards of £60k. I'm South east if that's relevant.

TalkinPeace Fri 12-Jan-18 17:51:31

Half of the country earns less than £19,000
Only 34% earn more than the £27,000 average

So if you earn the average you are in the top third of earners ....

TalkinPeace Fri 12-Jan-18 17:52:03

Half of all Londoners earn less than £23,000 by the way

blue25 Fri 12-Jan-18 17:52:23

50k+ in South East

LightastheBreeze Fri 12-Jan-18 17:52:54

East Midlands here and would say a good wage was about £40k

Spartaca Fri 12-Jan-18 17:53:21

Very much depends on where you are and your industry really. DH earns well for our area, but if we moved it would be considered average for his industry if that makes any sense?! So if he wanted to earn more we would need to move.

I felt I earned well for my age and industry. Very relative.

I suspect for most it would be in excess of £50k?

silvousplaitmerci Fri 12-Jan-18 17:54:14

Scotland 3040k?

BorgQueenie Fri 12-Jan-18 17:54:59

Imo good wage = over £70k

TalkinPeace Fri 12-Jan-18 17:56:05

Interesting.
So everybody wants to be in the top 10%
www.ifs.org.uk/wheredoyoufitin/

BigBaboonBum Fri 12-Jan-18 17:57:53

Assuming there are two adults working, I’d say (per adult person) anything above 100k is good, over 60k is decent, over 40k is okay, below 40k I have no idea how people manage with a family! But I really do admire those who can, and would also love to pick their brains.
That said I’m talking purely about money and not the person who’s working. I think ANYBODY who is working deserves the same respect as somebody else working despite pay checks. Just throwing this in here because I know my dad worked his arse off in the past for next to nothing and yet I earn a good amount and I don’t even leave my house. The world is weird

wombatron Fri 12-Jan-18 17:59:41

I earn above this, but I would say a good wage is £40k. 30's and in London. You can live on that and a single adult. As a joint income I would say upwards of £70k.

Jozxyqk Fri 12-Jan-18 18:00:15

I would say that anyone who lives in a household where there are two incomes, both of which are above the national average, is reasonably well off. A "good wage" would probably be at least 10% above the average wage.

That link was interesting. I do not earn a good wage! grin

TalkinPeace Fri 12-Jan-18 18:00:49

Bigbaboon
A household with two adults earning 40K each and two kids under 13 is in the top 8% of the country

At 60k each they are in the top 3% of the country

TalkinPeace Fri 12-Jan-18 18:01:57

I would say a good wage is £40k. 30's and in London. You can live on that and a single adult.
Nearly double what half of Londoners do live on.

Bodicea Fri 12-Jan-18 18:02:21

Over £60,000 I guess. Most of the people in my social circle the men earn a range between 40k and 100k the women earn between 20k and 50k pro rata. I live in the north west.

heroineinahalfshell Fri 12-Jan-18 18:03:59

I would say a good wage is £30K, and a high wage is anything over £60K. Having said that, DH and I are on 30 and 60 respectively, no kids, and I have no idea where all our money goes!

RoobieDoobie Fri 12-Jan-18 18:04:17

We are in the top 5% and have a joint household income of £95k but with 2k for childcare and 1k mortgage plus all other bills we don't feel like we are in the top 5%. I feel like a good salary is Around 7-8k a month

heroineinahalfshell Fri 12-Jan-18 18:04:46

Oh and we're in the north west

BigBaboonBum Fri 12-Jan-18 18:06:05

@TalkinPeace I know it’s above, I just mean my opinion. I’m obviously awful at budgeting. We have more than enough but we still don’t manage to save. I really need to have a long hard chat to other people about their methods etc 🧐

BigBaboonBum Fri 12-Jan-18 18:07:43

Oh wow, our joint income is way above the top 5% according to that . Hormonal crying due to failure of budgeting now, sigh

xkatie27x Fri 12-Jan-18 18:08:07

I earn £24k and I’m 23 - I count it as a good wage for someone my age but I wouldn’t be happy earning this in 3 years time. I’d say a ‘good wage’ is £35k +

DianaPrincessOfThemyscira Fri 12-Jan-18 18:09:25

If you’re not looking at national averages it’s very subjective - as evidenced by the poster who thinks £7-8k per month would be a ‘good salary’.

I’m on £35k and feel like as a family we’re now on the higher side of earners where we are. Even at just shy of £27k (recently had the pay rise to £35k) I felt we were doing ok - but it’s all about how you cut your cloth, isn’t it? £35k would go nowhere if we had a high mortgage.

Runninglateeveryday Fri 12-Jan-18 18:15:03

I was going to say anything over 20 is good, I'm in a minority! I earn 27 now and feel quite privileged, I earn 14000 for 8 years and was always broke.

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