2. Confused? The Daily Telegraph reports today of a family struggling to make ends meet, despite one parent earning £120,000 a year.
Guy Jackson works as a financial compliance manager in the City and spends £45,000 a year sending his two sons to an exclusive boarding school in Hampshire.
He says: “The squeeze has really hit me and my family. Even though we have a reasonable income we have had to economise, swapping Ocado deliveries for trips to Tesco, never changing our cars or going on city breaks. I can’t remember the last time we went out for dinner.”
3. Some related facts: the median annual income for men who’ve had the same job for more than 12 months is £29,300 and £23,600 for women.
ONS figures also show that four out of five new jobs are in industries that typically pay £16,640 a year, on average. If you worked full-time for the minimum wage you’d earn £13,124 a year, before tax and national insurance.
Putting it another way, earning £120,000 would put your household in the top 4% nationally in terms of income.