To think it’s unlikely £300k is the median household wealth in the UK

It includes property equity and pensions though. So not that surprising surely? DH and I have nearly £1m in pensions alone, and I guess £500k of equity and we are both mid 40s.

We don't drive fancy cars or wear designer labels though so maybe people assume we have nothing.
My friend has a big SUV with a fancy number plate and about fifty quid in her pension

On paper that sounds about right, a lot of unearned income is tied up in property especially in London. Wealth doesn’t mean disposable income remember. Obviously there’s people with zero, negative wealth but others have many millions, the midpoint (median) being £300k sounds realistic

I imagine that at one end of the scale you have extremely wealthy households but at the other end of the scale you have families where nobody works, everyone is on benefits, they live in a council house and they have to keep their savings under £16k or their benefits are reduced. A median figure of £300k sounds very realistic to me.

I agree, and as life expectancy increases, the proportion of population that fall into the "older" category increases, too. Most of my friends/family are middle aged and older, so we're largely mortgage free. And we're almost all in London or the SE, where property values are relatively high.

I suspect the median wealth among people I know would be significantly higher than £300k, so that figure doesn't surprise me at all. There are at least 3 or 4 I can think of where their total wealth is probably over £1m, but it's almost all down to the value of their homes.

They’re talking the PMV of a pension. Which roughly equates to how big a pot would you need to provide the same income a DB pension is projected to provide?

It’s about right as includes property equity and pensions- private and state.
It is also by household not individual which usually means 2 adult full time earners.

Just think, the full state pension by itself has a PMV of £240k per worker.

I don't think it is that crazy if it includes pensions and property. My pension pot is over £500k alone on paper but that is still a fairly paltry pension when the time comes. Anyone with a defined benefit scheme would have much greater "worth" even it they have a fairly averagly paying job.

The average defined benefit pension certainly won't be well over half a million for people under 50

so, it seems that most wealth is concentrated with older people, whereas younger people have less wealth in general. And yet… so many benefits are given to the elderly because they are “so poor”

Well on one hand you would expect to accrue wealth as you age eg equity gains & pension savings however it's a very different landscape for younger generations. Successive governments have definitely prioritised the old over the young.

I think it is location based as well so the SE median is 490k compared to NE 180k which is property

I think what it shows so far, is that 43% of mumsnetters don't understand statistics.

I haven’t reviewed the stats in any great detail, but I think you are just looking at financial wealth there, which is a component part.

sorry - you just answered this yourself

A lot of it is owned by couples though - so did So equity and savings.

Remember, a household includes anyone living in a house, typically between 2 and 4 people.

The best measure of wealth is median wealth per adult, with further analysis possible by median wealth per adult by age.

It feels in the low side.
If you think a good proportion of the population are over 50, with pension pots and a good chunk of their mortgage paid off.
My area seems to have loads of massjve houses with older people living in them, retired and mortgage paid. They would have bought their houses at around 60 to 100k and now most of them are worth 1million and more.

Haha, only on Mumsnet where everyone makes 100k working from home with time to piss about on a forum all day

I don’t think you understand wealth or assets or pensions.

A Little bit of research would have explained the figure - it’s not wrong, just new information for you.

www.ons.gov.uk/peoplepopulationandcommunity/personalandhouseholdfinances/incomeandwealth/bulletins/totalwealthingreatbritain/april2020tomarch2022

Its an estimated or assumed median because unless everyone is reporting the value of their assets, it can't possibly be known. There isn't another person in this land who knows the value of my assets. I don't entirely know myself.

By the time you come to pensionable ages after tax raids and budget changes and further cost of living increases etc.....that'll probably be enough to buy you a couple of bunches of bananas and a loaf of bread.

Salary and assets aren't related though.

There will be many many older people with far more than £300k in assets due to housing wealth and the value of their pension, many of whom will only ever have been average earners.

Not sure if this has been posted yet

What is the Mean Median Mode Formula?
Let us first understand what does mean, median, and mode mean in statistics.

Mean is also known as the arithmetic mean of the given data.

Median is the middlemost value of the given ungrouped data if the data is arranged in ascending order
.
Mode is the value that appears most in the data.