So people do understand money then?

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.

11 comments on “So people do understand money then?

  1. “put’s”? And “want’s” in a previous post? Are you planning a career move from rare metals to greengrocery?

  2. I find the iPhone had a hankering for the grocer’s apostrophe in it’s [sic] autocorrect, as just proved.

  3. dearieme, yes, when it was much cheaper, and to benefit from artificially imposed restrictions that prevent the next generation from buying. I think it’s sad that people want to have so much of their wealth in a non-productive asset like their own home and relatively little in more liquid and productive savings and investments.

  4. I’m not sure the iphone had* much cachet these days, so you can all drop this cute way of letting us know you have one.

    * blast, I mean has not had, I see the iPad hadn’t* solved the problem.

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