Where is your household income?

[RoyGBivisacolorfulman]

https://ifs.org.uk/toolsanddresources/wheredooyoufitt_in#tool-results-section

AIBU to think this doesn't reflect society as a whole as there is a lot of wealth especially in business that may not get classed as income?

People I know are in the top 5 percent.

The illustratous 85k that has been talked about on here is

With a household after tax income of £84954 per week, you have a higher income than around 99% of the population - equivalent to about 65.3 million individuals.

Guess people are property and inheritance rich too.

My aunts and uncles are way richer than me but my income looks better on paper. They are retired with lots of property.

Where do you feature on the scale? Clearly nobody has to answer.

It's not the whole picture far from it I think?

Do you really mean 85k per week 😂

That result is unsurprising when you have used the gross figure and called it weekly rather than annual income.

We have a higher income than 14% of the population.

Not a very good indicator of relative wealth though - our mortgage is paid off, we have over £30k in savings and add around £200pm to savings.

Plus when our State Pensions start next year that'll be income we don't need to live that'll also be saved.

It's a very blunt tool.

The 85k previously mentioned in other threads is a yearly, not weekly amount.
Also it's before tax not after.
Also it's a family total not one wage so not sure how you'd know what the split tax was to find out tax. So not really a way to calculate on a guess

(Our household total goes down by about 20k due to tax as one of us earns a lot more, if the split was even it would be less.)

85K per week must be amazing....

OP, dont forget to change to post tax. For paye workers its easier to calculate for monthly income as what is landing into your bank account is already taxed.

🤑

Whereas we have a higher income than 97% (at £87k approx) but are about to be first time buyers in our 40s and will have a huge mortgage.

None of this tells you anything about disposable income. People might earn the same but have childcare costs, debt repayments or be mortgage free or etc.

My £150k gross household income puts me better than 98%, so you’ve not used it right for £85k (which your post makes clear)

Yes scroll fail but still in top 10 percent.

Household income at 86% .

For a family of 4 it comes out as top 20% for me….

Yes a blunt tool as net will also not taje pension contributions. Other benefits into account.

We are 18% as a family of 5. One working parent and a small amount of benefits.

Household income sitting at top 5% I’m quite surprised at that tbh. I feel comfortable but by no means rich

AIBU to think this doesn't reflect society as a whole as there is a lot of wealth especially in business that may not get classed as income

You probably have a point, but people also tend to surround themselves with people in similar circumstances and not notice the majority who don't have anywhere near as much.

You see it all the time on here. People compare themselves with other well paid professionals and come out with gems like '£100k a year isn't that much, everyone I know earns about that'.

While they might not personally associate with cleaners, care workers, retail, takeaway and hospitality staff etc etc, there's an awful lot of people in these types of jobs, so they certainly outnumber well paid professionals, as illustrated by statistics based on the whole population not anecdata based on an unrepresentative sample.

Higher income than 98% of the population.

I realised. Scroll fail.
Got my glasses on now.

Combined income of 2 adults higher than 82% of population. Quite depressing really that with our salaries we're better off than majority 🤐We're not even comfortable and we're renting.

Higher than 79% of the population...but I live in the south east so I think the remaining 21% are all my neighbours and peers 😂

According to this tool, our income is higher than 97% of the population. I was really surprised as while we feel comfortable, we by no means feel "wealthy".
But as others have already said, income is just one determining factor for how comfortable you are financially.

Higher income than 90%. Made up of private pensions, husband's state pension and PIP for husband at higher rates and me at lower. No mortgage or childcare. To be honest I feel more secure in retirement than I did when children were younger and we were both working. I appreciate we are very lucky, but we planned for this from when I was in my mid twenties and husband early thirties.

Sent this to 2 friends who I know have similar incomes to us, it says 88%.

I feel comfortable but not well off (but from a very poor background so I'm not sure I could ever have enough in the bank to feel secure). One of my friends has millionaire parents, the other dead on middle class upbringing. Both were surprised and think they're probably closer to 50%.

Peer group and expectations really skew your perceptions.

With a household after tax income of £297 per week, you have a higher income than around 12% of the population - equivalent to about 7.9 million individuals.

Two disabled adults unable to work on benefits.

With a household after tax income of £1900 per week, you have a higher income than around 85% of the population - equivalent to about 56.1 million individuals.

Very blunt indeed. Both of us have pretty much no assets, our mortgage is over £300k and we contribute pretty heavily to our pensions, so it really doesn’t feel like top 15% 😶

Higher income than 98%. No children but certainly don’t feel rich. Very lucky / comfortable especially for our age. But not rich.