You are here: Home - Saving & Banking - News -

Families need £62,000 a year to join Middle Britain

Written by:

Families need to earn an average of £62,000 a year to become a typical Middle Britain household in 2008, according to the AXA Financial Task Force.

The AXA group says the term ‘Middle Britain’ needs to be redefined as it does not represent ‘middle income’ Britain and only applies to a significant minority of households, although the group as a whole is growing.

Although one in three Brits now consider themselves to be part of Middle Britain, the AXA Financial Task Force analysis shows that in fact around only five million households – 20% of all homes – fall into the true definition of Middle Britain.

Typically a Middle Britain household has an income of between £40,000 and £100,000 per annum, earns an average of £62,000 a year before tax and has a disposable income of £40,000 a year – some £22,000 more than the average UK household. And unless you have at least two cars, have a mortgage or own your home outright, and work in management or professional occupations, the chances are you’ll struggle to become a member of this group of university educated families, the AXA Financial Task Force figures suggest.

Steve Folkard, spokesperson for the AXA Financial Task Force, said: “Ever since the days of New Labour and the rise of the so-called ‘classless society’, many people think that Middle Britain represents the majority or middle section of households in this country. And in fact thanks to an inflated housing market many people probably feel they belong in that category.

“However our research shows that Middle Britain is in fact a smaller group of families than most people might think, though many of the same stereotypes still apply.

“What is also clear is that Middle Britain households have felt the effects of the rising cost of living. Despite seeing an increase in their disposable income over the past two years, the typical Middle Britain household has not been able to increase their relative spending power.”

Related Posts


Tag Box

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

ISAs: your back-to-basics guide for 2018/19

Here’s everything you need to know to make the most of your unused ISA allowance ahead of the 5 April deadli...

A guide to Sharia savings accounts

A number of Sharia savings products have upped their game in recent months, beating more familiar competitors ...

Five ways to get on the property ladder without the Bank of Mum and Dad

A report suggests the Bank of Mum and Dad is running low on funds. Fortunately, there are other options for st...

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Money Tips of the Week

Read previous post:
£17bn lent on credit cards without proof of income

Research by uSwitch shows that credit card providers could be putting themselves and consumers at risk by not making sufficient...