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  • FIRST POST
    • Former MSE Sam M
    • By Former MSE Sam M 26th Jul 16, 11:22 AM
    • 238Posts
    • 159Thanks
    Former MSE Sam M
    MoneySaving Poll: How much are you worth (or do you owe)?
    • #1
    • 26th Jul 16, 11:22 AM
    MoneySaving Poll: How much are you worth (or do you owe)? 26th Jul 16 at 11:22 AM
    Poll started 26 July 2016

    How much are you worth (or do you owe)?

    To answer this question, you first need to do a little sum:

    1. Add up: the total value of your assets such as your house, savings & pension.

    2. Subtract: outstanding debts - include your mortgage, exclude student loans.

    Then whether you've "net worth" or "net debt", vote for your relevant option.



    Did you vote? Are you surprised at the results so far? Have your say below. To see the results from last time, click here.

    If you havenít already, join the forum to reply. If you arenít sure how it all works, read our New to Forum? Intro Guide.

    Thanks!


    This Forum tip was included in MoneySavingExpert.com's weekly email!
    Last edited by MSE ForumTeam2; 08-08-2016 at 8:18 PM.
Page 1
    • One-Eye
    • By One-Eye 26th Jul 16, 6:33 PM
    • 46,374 Posts
    • 7,135,272 Thanks
    One-Eye
    • #2
    • 26th Jul 16, 6:33 PM
    • #2
    • 26th Jul 16, 6:33 PM
    The results seem rather high to me...

    ... and I realised it is probably because you give no guidance on joint wealth/debts.

    For a married/co-habiting couple with a £400,000 house, no other savings, no mortgage or debts then surely "I'm worth: between £100,000 & £249,999" is correct as it does not say "We're worth: between £250,000 & £499,999"
    • Ectophile
    • By Ectophile 26th Jul 16, 9:12 PM
    • 3,577 Posts
    • 2,287 Thanks
    Ectophile
    • #3
    • 26th Jul 16, 9:12 PM
    • #3
    • 26th Jul 16, 9:12 PM
    I'm not surprised that so many older people are in the over £250K bracket. If you have a house with the mortgage paid off, or mostly paid off, and you have a pension fund, then you could easily hit that figure even without any other savings.
    • Teacher2
    • By Teacher2 27th Jul 16, 7:25 AM
    • 343 Posts
    • 2,647 Thanks
    Teacher2
    • #4
    • 27th Jul 16, 7:25 AM
    • #4
    • 27th Jul 16, 7:25 AM
    This rather gives the lie to the fact that young people have nothing and that the old have stolen their trousers!

    I expect that the relative prosperity of all age groups is something to do with the Moneyfacts audience being the somewhat self selecting prudent and moneywise section of society.
    • md26
    • By md26 27th Jul 16, 7:51 AM
    • 3 Posts
    • 45 Thanks
    md26
    • #5
    • 27th Jul 16, 7:51 AM
    Yeah right
    • #5
    • 27th Jul 16, 7:51 AM
    I seriously can't believe that poll, especially the under 25's. It makes the weekly email seem a bit irrelevant to most of it's readers.
    • happyinflorida
    • By happyinflorida 27th Jul 16, 7:58 AM
    • 765 Posts
    • 655 Thanks
    happyinflorida
    • #6
    • 27th Jul 16, 7:58 AM
    • #6
    • 27th Jul 16, 7:58 AM
    I think there are quite a few porky voters on this poll
    • kriss1977
    • By kriss1977 27th Jul 16, 10:11 AM
    • 182 Posts
    • 290 Thanks
    kriss1977
    • #7
    • 27th Jul 16, 10:11 AM
    Somewhat deflated . . .
    • #7
    • 27th Jul 16, 10:11 AM
    I'm amazed by the under 25's results although if they've been active followers of MSE since their teens, working and frugal it isn't impossible I suppose.


    This poll would be far more interesting and revealing split into male/female, home owners/non home owners, single etc. and maybe even working/student/not working as these polls usually are.


    I was quite proud of the fact I'm in the 35-49 years bracket, not a home owner, not working (and not on benefits), single and in the £100k+ bracket. I've achieved what my friends and family (homeowners or otherwise) say they can not but it has taken dedication and time investment to get to this point over the last 6 years.


    Now I feel somewhat deflated; that I should have achieved more with so many my age in the bracket above, and that my dream of buying a property with minimal or no mortgage is further off than I anticipate.
    • AJM968
    • By AJM968 27th Jul 16, 10:33 AM
    • 1 Posts
    • 1 Thanks
    AJM968
    • #8
    • 27th Jul 16, 10:33 AM
    House as an asset...
    • #8
    • 27th Jul 16, 10:33 AM
    Hmmm...more of a liability really. It ties up vast sums of money and prevents it from being used whilst maintenance drains the remaining capital.
    • londonlydia
    • By londonlydia 27th Jul 16, 11:56 AM
    • 411 Posts
    • 477 Thanks
    londonlydia
    • #9
    • 27th Jul 16, 11:56 AM
    • #9
    • 27th Jul 16, 11:56 AM
    I think this whole poll is probably skewed by the single fact that many people are paying mortgages and believing that the value of the house at the present time is theirs, and then have simply subtracted the price of mortgage loan they took out. In fact, you need to consider the total cost of the mortgage over the lifetime, or at least a comparable period.


    Cars are similar: very rarely will you make money out of cars, and I think there is a misconception again that the price you pay for your car will be how much your car is worth now.




    Possibly a better poll would be to ask, after in/outgoings, and ignoring assets you couldn't easily unlock on a rainy day (i.e. your home), how much are you cash positive/negative?
    • G6JPG
    • By G6JPG 27th Jul 16, 12:23 PM
    • 146 Posts
    • 72 Thanks
    G6JPG
    Where's the overall results gone?
    Can we please, after the sections broken down by age, have an overall result set?
    • XRAT
    • By XRAT 27th Jul 16, 2:35 PM
    • 198 Posts
    • 173 Thanks
    XRAT
    More guidance please
    As most people will be in a relationship, and wondering.., should we be dividing that total by 2 ????
    • Flick216
    • By Flick216 27th Jul 16, 3:51 PM
    • 8,466 Posts
    • 34,210 Thanks
    Flick216
    Jeepers! 4 people owe over £1m
    ENFP - Assertive
    Officially in a clique of idiots

    Smoke me a kipper; I'll be back for breakfast
    • kkgree1
    • By kkgree1 27th Jul 16, 5:57 PM
    • 321 Posts
    • 163 Thanks
    kkgree1
    I agree with others that there appears to be a point missing that you should divide your total by 2 if you are married/co-habiting. I did realise this before voting but I suspect this will throw out the poll results.
    Mortgage free wannabe
    Mortgage (November 2010) £135,850
    Mortgage (March 2019) £5,335
    • Ectophile
    • By Ectophile 27th Jul 16, 7:07 PM
    • 3,577 Posts
    • 2,287 Thanks
    Ectophile
    I think this whole poll is probably skewed by the single fact that many people are paying mortgages and believing that the value of the house at the present time is theirs, and then have simply subtracted the price of mortgage loan they took out. In fact, you need to consider the total cost of the mortgage over the lifetime, or at least a comparable period.
    Originally posted by londonlydia
    I based my house value on what it's worth now (based on the sale price of neighbouring houses that sold recently), minus the amount remaining on my mortgage now. How else would you value an asset?
    • InA
    • By InA 29th Jul 16, 11:13 PM
    • 121 Posts
    • 381 Thanks
    InA
    I based my house value on what it's worth now (based on the sale price of neighbouring houses that sold recently), minus the amount remaining on my mortgage now. How else would you value an asset?
    Originally posted by Ectophile
    IMO there's no such thing as what your house is worth now. At the end of the day it's only worth what someone will pay for it at the time you sell it.

    Houses perform the function of being a roof over your head (you will always need one of those) and you can't therefore spend the value of your home. To make matters worse, if you're a homeowner and you need care in your old age, the house will need to be sold to pay for that care. So how much of an asset is it really?
    • InA
    • By InA 29th Jul 16, 11:19 PM
    • 121 Posts
    • 381 Thanks
    InA
    If these poll results are accurate why is it the case that a third of middle class families would not be able to afford an unexpected bill of a measly £500?

    http://www.bbc.co.uk/news/business-36466186

    A third of middle-class families would need to borrow to pay an unexpected bill of £500, according to a new survey.


    The YouGov poll for the Times found 31% of ABC1 workers, which includes junior managers and professionals, would struggle to pay a sum of that size.
    The figure rises to 46% for manual workers and the unemployed.
    • Ectophile
    • By Ectophile 30th Jul 16, 10:55 PM
    • 3,577 Posts
    • 2,287 Thanks
    Ectophile
    Houses perform the function of being a roof over your head (you will always need one of those) and you can't therefore spend the value of your home. To make matters worse, if you're a homeowner and you need care in your old age, the house will need to be sold to pay for that care. So how much of an asset is it really?
    Originally posted by InA
    It's a lot more of an asset than a rented house. Any sensible landlord will set the rent at a sufficient level to cover all the maintenance bills, and leave them with a profit margin afterwards. That probably means that the rent is more than the repayments on a mortgage (especially if the house is subject to a buy-to-let mortgage).

    Plus, with a mortgaged house, you will eventually pay off the mortgage. With a rented one, you have to keep renting indefinitely. When you retire, and your income goes down, you still have to keep renting. A homeowner will have paid off the mortgage and will live rent-free until they have to go into a nursing home.
    • mgriff5
    • By mgriff5 5th Aug 16, 1:32 PM
    • 50 Posts
    • 88 Thanks
    mgriff5
    Really?
    I am very sceptical of the results of this poll. If it were true we wouldnt need gazillions of articles on shifting debt to 0% credit cards etc in the weekly email would we?!

    Personally I agree that 1. there was no guidance on joint debt / ownership and 2. I may be over cynical but I do wonder if people have taken all their debts in to account, particularly younger folk who may have a large student loan but arent earning enough to be paying it off yet (and thus don't see it coming out their PAYE every month) and secondly almost everyone I know with a new car has it on PCP and therefore owe a large sum of money in 2 or 3 years car. I wonder if those sorts of people remembered to deduct that off their net wealth?

    Just a thought (or 2)
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