Cloud Cuckoo Land

Phossy

GenX0212 said:

Some interesting statistics here (apologies if already posted): https://www.gov.uk/government/statistics/analysis-of-future-pension-incomes/analysis-of-future-pension-incomes

Here is a particularly telling summary:

20% of high earners (>£56500) are not expected to achieve a moderate living standard. 64% are not expected to achieve comfortable. Therefore only 36% are.

For average earners (£24000 - £34999) 49% are not expected to achieve moderate

Interesting. Note that  in reference to the Minimum, Moderate and Comfortable, they are referencing last years numbers. I expect there is a shift to the left based on this years definitions.

Albermarle

Phossy said:

GenX0212 said:

Some interesting statistics here (apologies if already posted): https://www.gov.uk/government/statistics/analysis-of-future-pension-incomes/analysis-of-future-pension-incomes

Here is a particularly telling summary:

20% of high earners (>£56500) are not expected to achieve a moderate living standard. 64% are not expected to achieve comfortable. Therefore only 36% are.

For average earners (£24000 - £34999) 49% are not expected to achieve moderate

Interesting. Note that  in reference to the Minimum, Moderate and Comfortable, they are referencing last years numbers. I expect there is a shift to the left based on this years definitions.

Although most contributors to this thread would say last years figures were more realistic, so maybe the above graph remains a more accurate picture.

michaels

GenX0212 said:

Some interesting statistics here (apologies if already posted): https://www.gov.uk/government/statistics/analysis-of-future-pension-incomes/analysis-of-future-pension-incomes

Here is a particularly telling summary:

20% of high earners (>£56500) are not expected to achieve a moderate living standard. 64% are not expected to achieve comfortable. Therefore only 36% are.

For average earners (£24000 - £34999) 49% are not expected to achieve moderate

Not sure if this is for households or individuals but it seems to suggest that a fair number of people will have more income in retirement than they had whilst employed?

dealyboy

Just published by the ONS 'Economic insights latest on Household Cost Indices' ... 
https://www.ons.gov.uk/economy/inflationandpriceindices/bulletins/householdcostsindicesforukhouseholdgroups/october2023todecember2023.

My take away is that the percentages for household costs inflation for different income deciles and categories are a lot closer than I would have expected.

MeteredOut

dealyboy said:

Just published by the ONS 'Economic insights latest on Household Cost Indices' ... 
https://www.ons.gov.uk/economy/inflationandpriceindices/bulletins/householdcostsindicesforukhouseholdgroups/october2023todecember2023.

My take away is that the percentages for household costs inflation for different income deciles and categories are a lot closer than I would have expected.

Slightly ironic that the retired have the joint-lowest percentage for Dec 2023 (and generally lower for the past year), but benefit from the average rise via the pension triple-lock.

(I know retired does not necessarily mean receiving state pension)

michaels

MeteredOut said:

dealyboy said:

Just published by the ONS 'Economic insights latest on Household Cost Indices' ... 
https://www.ons.gov.uk/economy/inflationandpriceindices/bulletins/householdcostsindicesforukhouseholdgroups/october2023todecember2023.

My take away is that the percentages for household costs inflation for different income deciles and categories are a lot closer than I would have expected.

Slightly ironic that the retired have the joint-lowest percentage for Dec 2023 (and generally lower for the past year), but benefit from the average rise via the pension triple-lock.

(I know retired does not necessarily mean receiving state pension)

I guess the main takeaway is how much lower retired household inflation is (4%) compared to the 20%+ increases that the survey found were needed for each lifestyle category - Cloud cuckoo land indeed.

Eldi_Dos

michaels said:

MeteredOut said:

dealyboy said:

Just published by the ONS 'Economic insights latest on Household Cost Indices' ... 
https://www.ons.gov.uk/economy/inflationandpriceindices/bulletins/householdcostsindicesforukhouseholdgroups/october2023todecember2023.

My take away is that the percentages for household costs inflation for different income deciles and categories are a lot closer than I would have expected.

Slightly ironic that the retired have the joint-lowest percentage for Dec 2023 (and generally lower for the past year), but benefit from the average rise via the pension triple-lock.

(I know retired does not necessarily mean receiving state pension)

I guess the main takeaway is how much lower retired household inflation is (4%) compared to the 20%+ increases that the survey found were needed for each lifestyle category - Cloud cuckoo land indeed.

Would you say that the headlined fiqures that got a lot of airspace at the time hindered the economy by discouraging spending in sectors that have had a hard time recently.