What is a good wage in uk

sultan123

Considering all the strikes, the economy, people either losing jobs or not finding a job and high inflation what would people say is a good wage in the current climate.

50k? 40k? 100k?

It is subjective obviously but as a general opinion for a family in the UK what would be a good wage?

DullGreyGuy

Depends on where you live in the country, your household makeup etc

£40k with a 5% pension is £2,500 take-home pay... living in central London rent on a flat is about £2,000 month plus then council tax, utilities food etc and so living alone its not going to be a good wage and you'd realistically be looking at a shared home to live. Even outer London will be c£1,500 for rent alone

If you are a couple without children both earning 40k then the £5,000 take-home living in say Dundee where the average rent for a flat in an equivalent area is about £700 PCM then £40k will certainly feel a much better wage. 

This only considers cost of living dimension... if for example you were an architect who's had to study for 8 years to become qualified and have the associated debts then what you may consider a good wage to be could be different to the high school dropout who's gone straight into a call centre job

MattMattMattUK

sultan123 said:

Considering all the strikes, the economy, people either losing jobs or not finding a job and high inflation what would people say is a good wage in the current climate.

50k? 40k? 100k?

It is subjective obviously but as a general opinion for a family in the UK what would be a good wage?

When you say a family, it really depends. Location in the country, age, amount of property assets already accumulated, income per partner (one partner on £100k takes home £66k, two on £50k take home £75k between them), age of children (child care costs), lifestyle expectations, education and career expectations.

The question is such "how long is a piece of string" that I cannot see you getting anything close to a definitive answer. I live in the Home Counties, I left school with only GCSEs, I know people who earn everything from minimum wage to eight figures a year. The amount that works is enough to cover the bills and live a life you regard as comfortable, with reasonable expectations based on ones skills and abilities. For me I view a good wage in the £60-100k range, a couple both earning the same would be very comfortable and half that amount they could be comfortable as well. Pre-Covid I was earning £100k+, before that I have worked everything from minimum wage up, the last couple of year my income fell significantly, but it has recovered a lot in the last six months and I would hope to be pushing close to six figures again in the next year. I am comfortable, treat family members, feel safe financially and generally remove the worries from life caused by finances. Others will think that figure needs to be less, others think that figure needs to be higher, measured against their own expectations. 

sultan123

MattMattMattUK said:

sultan123 said:

Considering all the strikes, the economy, people either losing jobs or not finding a job and high inflation what would people say is a good wage in the current climate.

50k? 40k? 100k?

It is subjective obviously but as a general opinion for a family in the UK what would be a good wage?

When you say a family, it really depends. Location in the country, age, amount of property assets already accumulated, income per partner (one partner on £100k takes home £66k, two on £50k take home £75k between them), age of children (child care costs), lifestyle expectations, education and career expectations.

The question is such "how long is a piece of string" that I cannot see you getting anything close to a definitive answer. I live in the Home Counties, I left school with only GCSEs, I know people who earn everything from minimum wage to eight figures a year. The amount that works is enough to cover the bills and live a life you regard as comfortable, with reasonable expectations based on ones skills and abilities. For me I view a good wage in the £60-100k range, a couple both earning the same would be very comfortable and half that amount they could be comfortable as well. Pre-Covid I was earning £100k+, before that I have worked everything from minimum wage up, the last couple of year my income fell significantly, but it has recovered a lot in the last six months and I would hope to be pushing close to six figures again in the next year. I am comfortable, treat family members, feel safe financially and generally remove the worries from life caused by finances. Others will think that figure needs to be less, others think that figure needs to be higher, measured against their own expectations. 

Agree with all of this. 

Interested to understand why you think 60k is a good wage? Is that overall or each person within a couple earning 60k each or 30k each

sultan123

DullGreyGuy said:

Depends on where you live in the country, your household makeup etc

£40k with a 5% pension is £2,500 take-home pay... living in central London rent on a flat is about £2,000 month plus then council tax, utilities food etc and so living alone its not going to be a good wage and you'd realistically be looking at a shared home to live. Even outer London will be c£1,500 for rent alone

If you are a couple without children both earning 40k then the £5,000 take-home living in say Dundee where the average rent for a flat in an equivalent area is about £700 PCM then £40k will certainly feel a much better wage. 

This only considers cost of living dimension... if for example you were an architect who's had to study for 8 years to become qualified and have the associated debts then what you may consider a good wage to be could be different to the high school dropout who's gone straight into a call centre job

In london as a family with young children as a scenario what would you say

Dakta

Unanswerable question, median i think was about 32k for 30-40 year olds which would make me quite well off...

But add being single, looking after family (have quite a few vulnerable members none of which work), student loan and other personal debts as well as picking up the mortgage, it fritters away to nothing and you realise you can barely keep up (in terms of living standards) with the people on the street who play the system.

If you google median salaries or use glassdoor etc or research on indeed you'll probbaly be able to get a bit of a gauge of how well you're salary wise given your industry or skills etc, but whether its a good wage is so personal its unanswerable.

That said I'll have a go, if you're meeting the bills and got a bit to spare at the end - you're on a good wage whatever it is

theoretica

Also depends what you need to do to earn that wage - is it silly hours and huge stress or predictable times and pleasant work environment. 

If you made the choice to stretch yourself all out on a mortgage when cheaper houses were available, buy an expensive car, have another child etc that doesn't - to me- change what a 'good wage' is.  That is your choice on what you do with the wage you have.  But to me a poor wage would mean you don't have many choices to make.

I guess higher rate income tax is one place where a boundary of a 'good' wage has been put.

MalMonroe

sultan123 said:

Considering all the strikes, the economy, people either losing jobs or not finding a job and high inflation what would people say is a good wage in the current climate.

50k? 40k? 100k?

It is subjective obviously but as a general opinion for a family in the UK what would be a good wage?

It really does depend on what you actually DO to earn a salary. It's no good wishing for a 'good wage' if you don't have the requisite qualifications or experience - although of course, there's every chance that you could achieve those and find the job of your dreams with the salary of your dreams to match. It also depends on where you live. 

It's all relative. And so nobody can really say what a 'good wage' is. Some people can eke out their money on a low salary and yet others can blow theirs when they're high earners. 

I have a couple of friends who tell me that they have more money than they know what to do with. (Why tell me, I ask!) I've never been in that position and becoming a single parent when my daughter was small meant that my income was drastically reduced. I fell into debt, am now out of it and can manage my money but I definitely wouldn't mind a bit more.

I'm not sure my friends who have too much ever wanted to share theirs with me - so I'm not sure why they had to tell me they were overfunded. I'm definitely not. But now retired, I'm also self employed on a part time basis. My income is better than it was - but then of course I now have to pay tax . . . . swings and roundabouts, as with most things in life.

sultan123

People used to say 30k was a good wage once upon a time. Not sure it is anywhere near enough now.

Dakta

If you're living with parents it could still be...............

It's not really a question that can have a concrete answer. It can only have an answer for a situation.

MovingForwards

A lot depends on where someone works, eg £30k in central London will be difficult, yet £30k in Norfolk could go a lot further.

Me? I'm happy with enough to pay all my outgoings, save, pay into a SIPP and have fun money. My income is nowhere near £30k as I probably would feel rich like I did when on £28k but there was job satisfaction and I left, taking a role paying £14k instead.

OP if you're not happy with being on £100k+ from your employed and self-employed work, as per your numerous threads about salary, then look to change it by securing a more mentally/ financially rewarding job whichever is lacking for you.