Wednesday, November 7, 2007

Interesting Stats

The UK Family in Statistics

"Families are changing shape and facing up to new lifestyle challenges. The facts and figures below give an idea of what the typical UK family looks like in the early 21st century."Read down to the bottom:Average weekly expenditure = £601.20Therefore average annual expenditure = £31,262.40BUT average household income BEFORE tax is £32,779. So the "average" family is eating into savings / taking on more debt every week.

Posted by paulos @ 08:31 AM (874 views)
Please complete the required fields.



5 thoughts on “Interesting Stats

  • but isnt the average wage 35k a year??? or at least that what gordos lot state………….

    Reply
    Please complete the required fields.



  • And where is council tax in the chart? Are mortgage capital repayments included as well as mortgage interest payments – why make the distinction? Also amazing how people spend more on transport than they do on food/nutrition – on a trip back to London recently I was staggered by the cost of travel in London – £60 per week – for a basic weekly train pass to zone 5. And people just accept it and pay for useless services without protest.

    Reply
    Please complete the required fields.



  • Average wage is calculated between those who earn them while some families have non-working members. Say, we have 100 people where only 10 work and they make up together 50 families. Average wage = 35k. Average personal income = 3.5k. Averagy family income = 7k.

    Reply
    Please complete the required fields.



  • Rollonapril2007 says:

    Mark – “but isnt the average wage 35k a year???” – According to the ONS, the median weekly wage was £457 in April 2007 = £23,829 per year. However, this includes ‘all’ earners and I have previously read figures (somewhere) that the average annual salary of permanent employees is about £27k, whereas the average for ‘professionals’ is about £37k. Obviously the figures above include families where different numbers of adults (i.e. 0,1 or 2) work, hence why the figure appears to be a bit low.

    Reply
    Please complete the required fields.



  • What is most interesting here is how low mortage costs are as a proportion of pre-tax income on an averaged basis. Allowing for some of the other costs bundled in there like licences and holidays the figures are no more than 15% of pre tax income. Mortgage stress levels are generally assumed to be close to 30% which suggests the average UK family has quite a bit of headroom to absorb higher interest rates. However, as someone points out above this will have to be at the cost of some other items on the list such as restaurants and recreation which have economic implications given how labour intensive those sectors are. Given that income tax is not included there is obviously a hole in the figures somewhere, ultimately though it is an average and it depends what side of the line you end up on.

    Reply
    Please complete the required fields.



Add a comment

  • Your email address is required so we can verify that the comment is genuine. It will not be posted anywhere on the site, will be stored confidentially by us and never given out to any third party.
  • Please note that any viewpoints published here as comments are user´s views and not the views of HousePriceCrash.co.uk.
  • Please adhere to the Guidelines

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes:

<a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>