Household Income...

mayonnaise

I guessed we were in the top 15%, result came up as top 8%.

I hope Linda_D doesn't find out. :undecided

michaels

I thought my income was 2nd decile and as a family with that income we were about median but according to the calc we are lowest 9%. This is not the normal model.

Graham_Devon

theEnd wrote: »

I'm top 1% (guessed top 10%).

It's not correct though. Big difference between your income and being 'rich'.

Only based on your choices regarding spending though with that level of income.

somethingcorporate

Takes no account of house value or savings etc.

Pretty blunt tool - income does not equal rich. Plenty of low income people in very valuable houses in London - those would certainly be rich.

Look at David James - massive income and no wealth (just been declared bankrupt). He certainly isn't rich but would be top 1% in this poll.

Out,_Vile_Jelly

I guessed correctly (20% are richer than me)- do I get a special prize?

Linton

theEnd wrote: »

I'm top 1% (guessed top 10%).

It's not correct though. Big difference between your income and being 'rich'.

The big gap in the calculator is realisable assets - eg pension savings, ISAs, BTLs, or even value of home in excess of what you need. In my case as a retiree when I keep my income down to reduce tax but have plenty of savings the results are meaningless. One can convert asset values to income using a realistic %, say 3.5%, but even that doesnt help much unless everybody else does the same thing.

Linton

theEnd wrote: »

I'm top 1% (guessed top 10%).

It's not correct though. Big difference between your income and being 'rich'.

Surely "the rich" are by definition those who earn or own significantly more than you do.

LydiaJ

I guessed that I was about median. It says I am richer than 59%.

That was on last year's numbers because I don't have this year's to hand. I have gone up a bit since September because my hours increased slightly.

HAMISH_MCTAVISH wrote: »

In other words, the homeowner bracket (65% of houses are O/O) starts at around 25k a year gross income.

HAMISH_MCTAVISH wrote: »

Pretty sure you're already aware that the average income of all people is not the same thing as the average income of the house buying population, and never has been.

The house buying population is not the same as the homeowner bracket.

There are plenty of people living in houses that they own outright that they bought when they were earning and would certainly not be able to afford on the basis of the pension income that they live on now.

michaels wrote: »

I thought my income was 2nd decile and as a family with that income we were about median but according to the calc we are lowest 9%. This is not the normal model.

I agree. There must be something wrong there. Having seen and heard something of the extension and general "doing up" of your house, I find it hard to believe that what you have done would be affordable to 91% of the population.

PasturesNew

I am richer than 1%.

dano17439

I guessed 20% would be richer than me, turns out only 8% are richer

Doesnt ask too many questions though does it so not entirely sure how accurate this is lol