Household income. Where are you?

[chonka901]

https://ifs.org.uk/toolsanddresources/wheredooyoufitt_in

Using this link and putting in everything joint net income ,including child benefit and maintenance which I think it takes into account. It has us at 73 percent. Not a stealth boast before any states that. Genuinely surprised.

I certainly don't feel like this but appreciate people survive on less. It doesn't take into account mortgages, rent, generational wealth, inheritance, childcare etc so is a guide.

It is eye opening though.

I feel poor compared to my friends though. We definitely are not the London elite. Just public sector workers in the North. I guess the maintenance helps. My friends must be in the top 20 percent.

The data for this tool are from August 2022. A month before the economy, CoL and inflation went bonkers! I don’t think it’s very accurate any more.

Lol yes, that's what I was saying!

It's a very imperfect rough gauge IMO. Because there are no questions about assets, it completely misses the right tools for measuring people like me. I am 68, we own our house without a mortgage, and we have saved into a DC pension plan for almost 40 years. Hopefully we shan't cost the state a bean, and if we need care, our house will cover about 10 years of it, at £60k pa. But before I get that needy, I am shunting money, inheritances and any spare cash now at my DC, while I should live another seven years. DC are too young to have so much, but I have to trust that they will use the money sensibly.

Don't need to do a percentage to know we're poor.

47% without housing, 23% with housing. Hate renting!

97% but I didn't take tax off, I have no idea what it is after tax really

Higher income than 94% of the population. It seems strange because we are still careful with our money and older daughter brings in her income but also tends to spend it doing exactly what she likes rather than contributing to the household costs. I would rather she saves.

97% but I didn't take tax off, I have no idea what it is after tax really

The amount that goes in your bank....?

Ah ok it's net income that makes a significant difference. Ours has gone down to 82% now

No. If you pay lots into pension your take home after tax may be higher on less income than that

97% but we are retired and have a very small mortgage and live in a modest house. So running costs are low.

70% we are ok but not high earners

You know if you are going to be so snarky and patronising about people's language skills. you really should make sure your post is correct, rather than having blatant spelling mistakes, and clearly having failed to understand what you have been reading.

There are two possible calculations on the link given. If you click the box at the bottom of the first page, then it takes you to questions also about your costs, and is no longer solely an income calculation. Many of the people on the thread are talking about their results from the second calculation....

26%

There's something wrong with this calculator.

I did it this morning and got 73%. I re did it this evening - exact same figures and the result was 87%

How can that be?

Yep, it’s completely flawed. I’ve had 3 different results with the same figures. Not sure any of the answers can be relied on.

Don't you mean apparent? Oh the irony!

74%

I have £3500 disposable income every month though and feel very comfortable/secure, so thought this would be higher but the country must be better off than I thought?

34%, but as it doesn't take into mortgage/investments/debt, it's not very accurate.
I don't earn a lot at all, and I'm a single mum. But my mortgage is paid off, I don't have any debt, and I do have investments.

Your investments go in your income.

There is also a check-box where you can add housing details.

75 with housing costs factored in. Very surprised.

Errr.....you rich.

Yeah, I'm wondering what rich is classed as if earning more than 94% of the population isn't.

Imagine saying "I'm taller than 94% of the population...so not tall".

Well amongst my peers it is pretty normal and as I said I know lots who have much more. I am very sceptical of the accuracy of this tool.

Its not just more than 94% of the population in the UK, either.
Its vastly more than the overwhelming majority of people alive in the world now. Or who have ever lived.

A lifestyle unprecedented in human history.