UK annual full-time salary by percentile 2023 | Statista (2024)

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UK annual full-time salary by percentile 2023 | Statista? ›

Average annual earnings for full-time employees in the UK 2023, by percentile. In 2023, the average annual full-time earnings for the top ten percent of earners in the United Kingdom was 66,669 British pounds, compared with 21,000 for the bottom ten percent of earners.

Median annual earnings for full-time employees was £34,963 for the tax year ending on 5 April 2023, up 5.8% on the previous year. The interactive chart in Figure 10 allows you to compare earnings across occupations, in terms of annual pay.

The 99th percentile averages at least double the cutoff for the top 5%, at £14,496 per month or £173,952 per year. As always, though, raw data only tells part of the story. For example, this data from DWP is a sum picture of the whole population.

If parents feel so cash-strapped, they should just use our state education system, where 93% of pupils in the country are educated. But the fact remains that many in the top 10% of earners – those on £59,200 and above – do not feel rich, and that has major societal consequences.

Earning a 40k salary in the UK can generally be considered a good income that allows for a comfortable lifestyle. It provides the means to cover living costs, including housing, utilities, transportation, and leisure activities. Additionally, it allows for saving towards long-term goals and financial security.

Average earnings and gender pay gap

For full-time workers in the United Kingdom, the median average annual earnings was 34,963 British pounds in 2023, compared with 33,061 pounds in 2022. In London, average salaries were significantly higher than the rest of the country, at 44,370 pounds.

Earning a 70k salary in the UK is generally considered a good income that provides the means to cover living costs, including housing, utilities, transportation, and leisure activities.

Groceries and household expenses

Considering these factors, a salary of £150,000 provides a comfortable income that can cover the average living costs for most individuals or families in the UK. However, it's essential to budget wisely and manage expenses effectively to maintain financial stability.

What salary is middle class in the UK? ›

“It is people earning between £30,000-£60,000 a year, depending on the type of household, people who you would expect to be doing OK,” he said. “Being on a middle income does not make people secure. In the present cost of living crisis, the vulnerabilities of people on modest incomes have become more apparent.

Gone are the days where £25,000 a year is a living wage. The average UK worker works 35.9 hours a week. On 25k, minus tax, national insurance, and pension contributions, this works out at around £7 an hour. Well below the Real Living Wage of £12 an hour suggested by the Living Wage Foundation.

Whilst the average salary for a full-time worker is £41k, the median salary is £33k. At the top end of the scale, just 10% earn more than £66k while only 30% of those aged 50-59 earn above £43k per year.

You would be among the top 3% richest in Britain

Having an annual salary of £120k in the UK means that you would earn more than 97% of the country.

In this light, the answer to the question is 50K, a good salary in the UK is yes. Still, it doesn't leave much over for investing, especially if you're asking what is a good pension pot to achieve a comfortable or luxurious retirement lifestyle.

As a rough estimate, a salary of around £50,000 to £60,000 per year can provide a relatively comfortable lifestyle in the London, considering the higher cost of living compared to other regions in the UK.

While average monthly costs for a single person in the UK are around £2,005 per month, you need to keep in mind that your expenses will get higher if you have to pay rent or a mortgage. We also need to take these numbers with a pinch of salt, because the cost of living in the UK varies widely across the country.

The median annual earnings in the United Kingdom was 34,963 British pounds per year in 2023. Annual earnings varied significantly by region, ranging from 44,370 pounds in London to 31,200 pounds in the North East.

For example, median hourly earnings for all employees in 2023 are £15.88, therefore low-pay employees are anyone earning below two-thirds of £15.88, which is £10.59. High-pay employees are those earning anything above 1.5 times £15.88, which is £23.82.