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.

I find it interesting that the people who "don't feel rich" are either at under 10% or or over 80%
The majority of people on average or below average wages are expressing gratitude for what they have.

With a household after tax income of £2206 per week, you have a higher income than around 97% of the population - equivalent to about 64.9 million individuals.

I think the fundamental flaw is people don't understand what net means! It's not the calculator.

No, I know exactly what net means. I put in our net income three times, and got three slightly different answer. I then put in our gross income and got a lower % (higher than 97% with net income, higher than 95% with gross) which obviously makes no sense. The calculator is flawed.

I bet it's that. Mine was 96% when I put in gross income!

70% which I would think was about right - we don’t earn loads as both public sector but we are quite senior in our organisation. Our mortgage is reasonably low due to inheritance / family money but our council tax is high and our children do some very expensive sports, and I own two money-put horses. So we tend to refer to ourselves as cash-poor but lifestyle rich. We manage to save a small amount of money each month and have a hot holiday and a skiing holiday each year.

I just tried with gross income and got 96% also! With tax rates, I’d have to be earning pretty much double my actual gross I’d imagine to be taking that home as net!

Expensive sports, horses and skiing holidays in cash rich and lifestyle rich.

According to this I have an income higher than 96%. I have done this before so it is in line with what I expected but it shows just how crushingly low UK salaries are. I wonder why that is?

If I was in the USA or Australia I would be much lower down the distribution.

It’s not. UK salaries are just low.

Feel proud! You are doing all that on 14%. Shows you manage your money well.

You are talking about what you “feel” the top 10% income should be.

What it actually is is very different.

21% if I include child maintenance I get but 12% if I don't. Problem is the maintenance isn't guaranteed and it all gets spent on my child's hobby anyway so I guess most people are much better off than me 😂
We do get by on a very small amount but I just about manage and run a car so there are def people worse off

It can be a slightly miserable existence having to count every pound ALL THE TIME 🤦 but we have no debt and don't own anything on finance etc

I'll probably have a miserable old age but for now me and the kiddo are doing OK!

No, I'm talking about the actual statistics.

Source?

12% 🥹. Single mum to four young children, two with additional needs, no family/friends to help, meaning I have to care for them and can't work full time.

98% apparently…

91% which I'm shocked by as I'm counting the days to pay day!

8% here

97. I agree with others - I have trouble believing it.

19% but as it doesn’t factor in £600 ( a quarter of household income ) per month which I pay for wrap around school care so I can earn pittance I doubt it is accurate.

With a household after tax, after housing cost income of £129 per week, you have a higher after housing cost income than around 3% of the population - equivalent to about 2 million individuals.

Skint.

Good grief, this makes me so angry!

Of course it doesn't take expenditure into account! It's an income indicator! Your school fees are expenditure! They're what you choose to spend your massive income on!

"95% but this doesn't take my heroin habit into account, so I certainly don't feel like it."

@ThatOchreRobin We pay (North Leeds)£88 / day for nursery. Some that are cheaper may be £70 / day.

Most expensive in Leeds is roughly the same for a day in nursery as a weekday accommodation cost.

90% - when done without housing costs is probably fair.
But with nursery fees / big mortgage we are struggling to go on holiday. We have a new budget for day to day expenses so hopefully we will be able to go this year (UK nothing fancy) but not sure.