A MAP has revealed if you are considered rich based on where you live, after a new report found nine in 10 Brits who make £100k a year don’t consider themselves wealthy.
The new findings from HSBC discovered the majority of earners who rake in six-figure sums each year before tax would not say they are well off.
[iframe src=”https%3A%2F%2Fdatawrapper.dwcdn.net%2FpsS5k%2F3%2F” height=”750″ mobile_height=”550″ width=”106″ /]But the figure varies from region to region, with people in Scotland believing you need to make £330,000 to say you are well off.
Meanwhile, those in North East think if you make £80,000 a year you can class yourself as wealthy.
Residents in the South East of England, which houses the affluent county of Surrey, think you need to make £367,000 after tax to say you are well off.
Overall, the report found the majority of Brits think you need to make £213,000 a year before deductions to class yourself as wealthy.
In April 2024, the average full-time employee in the UK earned £37,430 per year before tax, according to figures from the ONS.
That means the hefty pay packet is nearly six times what the average worker makes in the UK each year.
Vicky Reynal, financial psychotherapist, said: “Anxieties about rising costs, inadequate savings, and the pressure of social comparison create a sense of scarcity, even when objective wealth exists.
“By redefining wealth beyond the bank balance, focusing on our achievements, reducing unhelpful comparisons, and prioritising financial actions within our control, people can move confidently toward the future they aspire to.”
Factors such as hikes to the daily cost of living and wage stagnation have placed pressures on households.
Inflation, which is a measure of how the price of goods and services is rising or falling, hit its highest level in 10 months in January.
[bc_video account_id=”5067014667001″ application_id=”” aspect_ratio=”16:9″ autoplay=”” caption=”No one believes Labour are really putting money in people’s pockets so they need to stop lying about it” embed=”in-page” experience_id=”” height=”100%” language_detection=”” max_height=”360px” max_width=”640px” min_width=”0px” mute=”” padding_top=”56%” picture_in_picture=”” player_id=”default” playlist_id=”” playsinline=”” sizing=”responsive” video_id=”6369058446112″ video_ids=”” width=”640px”]The Office for National Statistics (ONS) said the Consumer Price Index (CPI) measured 3% in the 12 months to January.
Meanwhile, rising house prices and utility bills can also make people feel anxious about their finances.
And it appears that Britain’s highest earners are also concerned about their finances.
Research also found that when it comes to financial ambitions among high earners, almost half are aiming for a comfortable retirement.
Some 27% are also looking to prioritise more immediate costs and 11% are looking to tackle insufficient savings.
[authenticated-scripts src=”%3Cscript%20class%3D%22palin-poll%22%20src%3D%22https%3A%2F%2Fwww.thesun.co.uk%2Fpollingwidgets%2Fv3%2Fwidget.js%3Fquestion_id%3D108025%26game%3Dpolling%22%3E%3C%2Fscript%3E” type=”embedded” width=”100″ /]WAYS TO SAVE CASH
If you are looking to improve your finances or put some money away for a rainy day you could consider getting a fixed-rate savings account.
These types of account pay you a fixed amount of interest on money you put into the account.
This means that your money is locked in, so even if interest rates increase you are unable to move your money and switch to a better account.
However, some providers give the option to withdraw, but it comes with a hefty fee.
If you are looking for easy ways to top up your income there are also plenty options.
For example, online surveys are a quick and relatively easy way to get hold of extra cash.
You can get paid up to £6 per survey – and it’s a great way to make money, according to both Emma Drew of Emmadrew.info and author of blog, From Pennies to Pounds, Francesca Mason.
Another idea is app installing.
With Ipsos Media Cell – consumer data tracking software – you will earn a £20 voucher just by installing an app on your phone.
You also have to fill in a quick survey.
You then get £10 every month that you keep the app installed on your phone.
Other easy ways to save money are by doing saving challenges.
The Sun receenlty spoke to one women who saved around £250 a month by doing a low spend challenge.
You can check that out here.