What Salary Puts You In the Top 10% In The UK? (Here’s The Latest Data)

What Salary Puts You In the Top 10% In The UK? (Here’s The Latest Data)
The latest data and information on UK salaries and earnings in the workplace is out.
This shows the pay-as-you-earn income, so it includes people with regular jobs who get a paycheck from an employer.
So, today I want to talk about how much people are earning, and how we stack up against others based on where we live, our age, and so on.
And let me tell you, some of these numbers might just make your eyebrows do a little dance...
Enjoy!
ONS data: www.ons.gov.uk...
Disclaimer: This video does not constitute financial advice. Please seek help from a registered financial professional before making any financial decision you are unsure of. Capital at risk.

[@papi8659]

Rich people in the UK don't get their money from working. They get it from property , investments etc...

[@billykotsos4642]

Assets*

[@hookedonfinance]

Yes, exactly. Unfortunately, this data doesn't include those people. They would skew the data significantly. But yes, generating income from your assets is the goal (for some..)

[@jimbojimbo6873]

If 65.5k makes you top 10% then i can’t fathom how shit life would be for the other 90%

[@hookedonfinance]

It really puts things into perspective, doesn't it? I think that people on lower salaries just get used to a simpler lifestyle though. If you’ve always had a low salary, it might not feel so bad. But going from living in the top 10% to a lower quality of life would be really tough....

[@TheSilvercue]

Depends where you live. In some places up north it goes a lot further

[@mrmeldrew693]

Yep. One silly car payment a month and in reality, you are a peasant too on that wage!

[@jimbojimbo6873]

@@TheSilvercue only to a limited extent, you can’t escape absolutely value of money for things like Insurance, entertainment, travel and most of leisure

[@evilzzzability]

As you say it's just PAYE data so doesn't include large swathes of self employed and contractors. If you look at full time income wages only I believe the median is around 36-37k

[@thatdudebello]

@user-si7fj5rh5umedian is the correct way to measure. Only issue with the data collected is that it includes part time workers

[@TheBooban]

@user-si7fj5rh5uthere are few who make bonkers loads of money skewing the data.

[@hookedonfinance]

That's right. The self-employed and those earning income from their investments are in a totally different category. They would skew the data significantly.. This data also includes part time workers. So it's not completely accurate, but it gives us a broad idea of how things are looking..

[@mhoward181]

I thought the data the gov used was false. They exclude service costs like cost to run ur home. Rent and energy costs. I heard it’s about 6.2.%

[@TheBooban]

Those are prices which are deemed to fluctuate too much to be useful. Problem is that in our time, they have been sustained and are the prices which matter most to us.

[@hookedonfinance]

It's not completely accurate, that's for sure. But it does give us a broad idea of how things are looking.

[@hookedonfinance]

Good point!

[@Abdul_Rahman86]

I like your videos. At the end of the day how much you earn per Calendar month after total deductions is what counts. For me it’s £2750. This included tax NI Pension Share scheme.

[@hookedonfinance]

Thanks very much, glad to hear it :). Yes, income and lifestyles are subjective. £3k for some may feel like £5k for others and vice versa...

[@Abdul_Rahman86]

@@hookedonfinance It’s not a lot, after car payments, mortgage, and 1k into a sipp monthly I’m left with nothing. And 1k into a sipp sounds very aggressive, but I have a saying. What’s the alternative. And the alternative is work till I’m 70 because that’s how much I have predicted the state pension will be 😂😂😂😂

[@Ploplox]

Are the ONS figures before or after tax?

[@hookedonfinance]

@@Ploplox they are figures before tax

[@CaliToTheCrowd]

Great video 👊🏿

[@hookedonfinance]

Thanks very much. I appreciate it!

[@derekr1113]

Err, inflation was not 4.2% (as you are using dodgy indices) for the average person - try 8% mate and not forgetting it went up more than 10% in the year before due to energy costs and interests rates (caused by Liz Truss and the Tories.)

[@fl-ri-]

I don't buy that Liz Truss caused it by floating the idea of a tax cut. The bank of England fucked up and blamed it on her.

[@hookedonfinance]

I am using the data provided by ONS. Surely it’s not accurate but that’s the official figure.. in reality it does feel more like 8-10%…