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.

3%. Which is pretty much how it feels.
Fuck knows how the 2 million people who are poorer than me are surviving.

6%. But that doesn't tell the whole story. We have no mortgage, and have other assets. That's just taking into account our monetary income.

81% here

46% I have everything I need.

96, Although certainly doesn't feel like that at the moment.

Remember only about 4% of the population earn 100k plus. So having so many 100k plus earners married to someone earning 100k plus in a thread with 150 replies is not representative...

99%. We are incredibly fortunate in many ways, but definitely wouldn't class ourselves as rich. Not many questions are asked, so it's very generalised!

We came in at 46%, which I was suprised at, with a pre tax household income of about 95k I thought we would be higher, our mortgage is £1400 a month which I think is average to most mortgages/rent. I think what skews it is our absolutely ridiculous council tax bill of 3.5k for a 3 bed house.

But that's the point it's still negotiable why would someone who claims to need the house at 24°c and drive an suv be able to claim those as necessary deductions when someone else simply can't afford those to be able to eat, both could end up with the same disposable but completely different lifestyle

Agree
The calculator could easily ask mortgage, bill etc payments to be a little more accurate.

This. I'm 36% and find it hard when people with twice our income plead poverty.

Did you add your full mortgage or just the interest

I'm not sure how accurate this thing is. Without taking housing into account it has us at 34%. Yet after housing, which is zero as we have paid off our mortgage, it only pushes us up to 38%!
I certainly wouldn't say we were well off under any circumstances, but we're not poor. Our total household income including work income, pension and benefits is under £50k but I see people on with a household income of 3, 4, 5 times that much complaining about how poor they are!
I get that we don't have a mortgage any more but even accounting for that, 62% of the population are seemingly better off than us.

97%
I actually thought it would be higher. There aren’t many people who earn as much as DH.
I do feel we have a lovely life though, no pleading poverty here.

52% but we have no mortgage.

I got 58%. But this isn't what I feel like, I am a single parent with a low paid job and some UC top up. I never have any money left and wouldn't be able to afford rent or get a new mortgage if I needed to.

At 96%, I would have guessed around 90%. We have no mortgage though as paid off a few years ago. We have a couple of holidays a year. Sometimes they are expensive if a cruise or a few weeks overseas. We are very much a hide in plain sight non flashy types. We live in the smallest house in what is deemed a desirable road in our area, you pay a premium to live on it.

That financial assessment is also about income only and not assets, it’s a very rough and imperfect tool but does give an indication.

The plan is to buy a house with some land in a couple of years. I know full well we are not remotely poor. My brothers are very wealthy though, they fly first class everywhere and one has a house with 7 bathrooms that is pretty much a modern mansion that he was involved with designing. They do live in America though and land is much cheaper.

im always surprised when people say but it doesn’t take into account x or y, because at base you do earn more than 80 or 90% of the population. That’s not a disputed opinion, it’s fact.

I don’t think my family setup is unique - 2 adults 2 children. But I’m doing it at 94% income whereas others are managing on much less. Whether I feel comfortable or not is on me - what are we prioritising? What are we spending?

like a previous poster pointed out - their monthly outgoings can’t be at £4.5k as it’s determined by their salary. So higher earners can’t pretend that they couldn’t possibly manage on less as people obviously do. We’ve just made choices as to where our money goes.

98% with 260k and 2 kids. And still 98% after adding 5k/month housing costs.

What the calculator doesn't tell you is that those in the 1% have miles more income than even those in the 97th percentile (mine and DH's gross income £157.5k).We're 94th after tax etc.

The top 1% are taking home millions and of the 60 million population, they number 600,000. This skews the data.

More importantly there are millions more on benefits or retired who bring in much much less which skews the data the other way.

This matters because a family where both earn just over £50k which tips them both into 40% will be in the 91st percentile.

This is why even the high earners feel they're skint.

I'm not sure that quiz is very accurate.
We came in at 9% whilst we can't afford extra stuff or abroad holidays I still feel pretty lucky and privileged.

Part of my work is working with the homeless/vunerable so I guess it's all relative to who and what circumstances you're comparing too.

74% so doing fine.

There are 4 of us working though, not all full-time for this household income.

This matters because a family where both earn just over £50k which tips them both into 40% will be in the 91st percentile.

@WellerUser I don't see that. You need 8.5k net to be 91% with 2 dc which means at least 140k gross. it will need to be higher if including pension & student loan deductions.

It’s really quite difficult to get it right I think. It’s also really weird the way that if you put in you have no children you’re put at a lower one - surely couples without kids would earn more not less?

65 apparently. We’re really well off though I think. Bizarre.

We’re 94%.

It seems stupid housing costs are calculated solely by council tax - our mortgage repayments are pretty reasonable as we’re on a pre Truss fix and live in the North. People renting, or that bought in London/South East, probably spend way more than us on housing and people who’ve benefited from intergenerational wealth probably pay a lot less.