We’re often told that people don’t understand quite what average incomes are and so on. However, it seems that people do have a pretty good idea:
THE average Briton would need a home worth £500,000 and a salary of £42,000 before considering themselves “well-off”, a study revealed yesterday.
They would also need two foreign holidays every year and have more than £33,000 in savings and investments to be financially content.
This was a poll of some 3,000 people asking what do you think you need in order to be “well off”?
And the results are quite good really. £42k puts you in hte top 10% of incomes and £500k in housing wealth plus some savings and perhaps a pension as well put’s you in the 8th or so percentile in terms of wealth. (The 9th percentile is £850 k or so).
So what people think they need to be “well off” corresponds quite closely with what the well off actually have.