Would you class this family as average, comfortable or well off?

[Greyorcream]

Curious what people would class as “well off” these days?

Couple in late 30s with 2 dc (late primary/early secondary age). Not in London.
Partner A earns £52k and Partner B earns £74k. So fairly average wage. Neither majorly stressful roles. Both work full time. Home by 5 each evening. Both can wfh 2 days a week.

Both get annual bonuses of around 8% and usually salary increases of about 4% each year.

Mortgage outstanding is £339k on a house worth around £500k (5-bedroom house).

Pension contributions (employee + employer combined):

• Partner A: 17% (this will be increasing)
• Partner B: 21%

Savings:
usually save a third of income each month.

• £130k joint savings
• £40k saved separately for the dc.

No inheritance or family help received. No loans, car finance, credit card debt or student loans.
No childcare or private school costs.
Lifestyle-wise, usually one big family holiday a year plus a couple of weekends away.

Would you consider this comfortably well off, average, affluent, or something else? Genuinely interested as perceptions seem wildly different depending on area and social circle.

I would say very comfortable, excellent salaries for what sounds like easy working life and very high level of savings.

Your savings give it up . I would say above average

I'd describe you both as comfortable. Once you've the mortgage paid off and some more savings, I'd consider you going into well-off territory, but not overly to be honest. I describe my BIL/SIL as well-off, their combined income is around £500K, house is worth £2.5-£3M, I would not say they are rich, but certainly well-off.

I call multi-millionaires rich, and say over £40M worth or so wealthy.

@Greyorcream you're doing well in life, don't let your father's comments get you down, similarly don't let the jealous commenters on here get you down from people who think anyone on higher than NMW is wealthy, it's a race to the bottom for some on here 🙄

I don’t know how you’ve managed to save so much on those incomes. Maybe that’s above average outside London. I think you’d struggle on that in London.

I would say they were comfortably well off!

OP your household income is very high. Twice the mean and three times the median household income for London, FOUR times the median for the UK.

Your Dad thinks you aren’t “building” anything up - does he own a business or a lot of property or something? There is a certain vulnerability about being well off on the basis of your job rather than income from capital. And if you both had huge helping hands (which it sounds like you did to some extent) it may be that you are doing well financially compared to most, but not compared to where you started. But if you are happy and okay with where you’re at, I think that is probably a far better approach to life in general than desperately trying to maximize wealth.

There's no fucking way a supervisor gets paid 74k a year. I know someone who is a psychologist with a professional doctorate and she earns around 50k. This is just rage bait.

Doctors earn less than that!

That is extremely well off.

That is extremely well off. What planet are you on?

Your dad's comment isn't so much about what you have achieved as what you could achieve. I think I agree with him.

You describe your roles as simple and achievable. What is the next move how do you stretch yourself further.

If you don't want to then that's your answer and your dad's statement is correct. Then your answer would be we are content and we prior y z

Very well off.

Same. Anyone I went to school and stayed in touch with has at least a household income of £100k.

Why does your dad even know your finances? Stop over sharing.

Definitely. I am amazed can save 1/3 salary each month. Seriously how? Other than holidays not mentioned how are you so frugal. Not envious think its great but please share as seriously struggling to save.

Are your figures correct? Geniunely interested in median for London. Does that take in account households on poorest benefits?

I think you are getting a lot of flack on here. You aren’t out of kilter with most of my friends. The savings are impressive - well done. That will have taken a lot of restraint!

I really don’t understand the race to the bottom here. I think anything that promotes more visibility of salaries is a good thing.

The gaping mouth responses to your post to me is unnecessary. I work in a bank and have many colleagues/ ex colleagues in that industry. To me you’re describing very average salaries amongst those I spend most time with.

Affluent

We don’t buy huge amounts of stuff tbh.
We never had to pay for childcare.
I don’t get any beauty treatments except getting my hair cut twice a year.
holidays is one family holiday a year

She's already said that the one who gets £74K works in a risk/compliance role. It doesn't surprise me at all that someone could earn that as a manager in that role. I think you're all thinking of a supervisor as someone in overalls telling a couple of mechanics what to do, not someone with a STEM degree in a white collar job, and over 10 years of experience in a complex field with skill shortages.

I work in the pharma industry and the salaries she has stated sound about right. And most people most of the time work their hours and nothing more.

I get 70k in an audit role. My manager will be over six figures.

I don’t know why people are outraged. These are all accessible careers.

52k is for the risk and compliance role. But yes it’s stem role and dh has a degree and masters.

Struggling, clearly.

Still such varying opinions I think though. Some say average, some say comfortable.

I think you are very comfortable. Congratulations.
I'd be interested to know what your actual income is after tax, pension etc. At least one earner is paying 40% tax.
I think your mortgage is high compared to the value of your house. I would be looking to increase payments or pay off a lump sum when your fixed rate expires.
I would also visit the hairdressers a bit more often - put some money back into the economy.
Your dad needs to butt out. What exactly does he want you to do?
He sounds as if he would never be satisfied.