to think this income, savings and wealth calculator might give people some perspective on where they fit in

[cakeorwine]

It's from the Office for National Statistics. (based on pre Covid)

www.ons.gov.uk/visualisations/dvc1802/calculator/index.html

It uses the OECD equivalised disposable income - so basically it looks at your household and determines the relative income needed. Some people might take umbrage at this - especially with the increase in energy bills. The idea is that certain households need more income for the same lifestyle compared to a household with fewer people in.

For example - a household with 2 adults would need an income that is 1.5 x bigger than a household with a single adult in to maintain a similar lifestyle.

It doesn't take into account situations like separated parents, chilldren being away at Uni, but it does give an indication.

I think it might surprise some people where there income and savings are. But then again, a high income in some places is offset by a high mortgage.

The equivalised income is used in all set of datasets when looking at poverty.

Turns out I am doing ok...which has surprised me.

This.

40% of what?

If it is 40% of income, that is fair enough if your pension gives you a moderate income even if you have a lot of 'disposable money' which I assume equates to savings (2 million). No mortgage doesn't mean your property is worth a lot, so that may not put you in the top 10% for property wealth.

Bottom 10% for income
Top 40% wealth and assets
Top 50% for property wealth
Bottom 10% for spending

We have 20 grand savings (not for long I suspect) and own a 1 bed flat outright, probably need to do the spending thing again. The massive advantage we (my wife and I ) have is no rent or mortgage, which makes us appear somewhat wealthy or comfortable on a very low income. Fact is we dont do much, or go many places, not that we're that bothered about it.

Top 10% for everything except savings which is top 20%. I really didn't think we would be in the top 10% - would have guessed at less than that. I'm not sure how accurate this is.

Income bottom 10%

wow, I did not know it was that low

Teacher salary is looooooow

The savings bit is a bit silly as is does not include investments and pensions.
Yes I didn't see anything about pensions. What a bonkers calculator not to include that!

If you are on one salary and you have a family to support, then it is low.

bottom 30% for income
top 20% for savings
top 30% for property
bottom 20% for spending.

I presume that's because we saved hard when we were both working and have tried to be very careful since I stopped work for family reasons 12 years ago. It's interesting because although we are clearly asset rich income poor, I'm surprised our spending is as low as it is compared to others. I feel like we're only just about 'holding our own' at living within our means.

I'm scared to do it. I have precisely 0 savings except around £300 in a tied up in a saving scheme that I'll be able to access at Christmas and even that paltry amount is a one off and will not be a yearly figure.

I'm just glad student debt wasn't mentioned....😬

We're pretty much where I expected - top 10% for income but offset by high housing costs so little savings or property wealth and high expenditure.

Same!

Although no mat leave for years and DH and me both work FT

same on spending, i was quite generous in what i put for our costs and got bottom 30% (considering it put us in top 30% income). some people really do just have unfathomable income and lifestyles to go with.

Bottom 10% which shocks me. I feel quite wealthy.

The relationship between the categories is interesting. What really matters is the difference between income and outgoings, a high income is not much use if it is all going straight out, especially if on rent rather than mortgage.

Top 10% for income and property and bottom 10% for savings. Which I knew really!

It's taken years to get here.

Top 10%. I feel well off.

Bottom 50% income, bottom 10% for the rest. And yet we'll never afford a mortgage. 🤷‍♀️

Well yeah

Because you're bottom % for the two biggest factors for approval

top 10% for income
top 50% for property and income wealth- bought a flat in London in 2019 and aged 30 and 32 so that may be why.. Also a lot of our savings went to overpay the mortgage.
top 40% in household spending.

if you live in London/SE, thats probably why.

We are top 10% for income but top 50% for savings/housing wealth and top 40% for spending. I don't really understand how so many people in the country spend more than us considering our penchant for eating out

Surprised with savings levels, but i suspect a lot is the baby boomers drawing down and banking final salary pensions

Inheritance is often a contributing factor.

Overall though I am not surprised, though my figures are probably not that accurate as I am on holiday.

Apparently I am bottom 10% for spending, I may well have got that really wrong.

God I thought out mortgage was huge. However, it’s not when income is factored in even with a big family. We are basically tight arses. This will please my husband who wants another car 🙄