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Metro
08-05-2025
- Business
- Metro
Map reveals how much you need to earn in each UK region to be considered wealthy
Despite the fact the average UK salary sits at £37,430 per year, you'll need to earn significantly more to be considered rich. In fact, research shows that nine in 10 Brits who take home a six-figure annual wage before tax don't see themselves as well off. And the amount required to be classed as wealthy eclipses £100,000 in most parts of the country. The figures, from HSBC, reveal a wide wealth perception gap, with people underestimating their earnings relative to others by roughly 30 percentage points. Those in the top 4% also tended to identify as the 'squeezed middle',positioning themselves in the top 52% relative to the rest of the population. Overall, an average annual income of £213,000 was judged to be the amount needed for 'wealth', while higher earners put the figure at a whopping £724,000. Perceptions aren't just affected by income level either, as different regionsshared vastly different views on what constitutes well-to-do in 2025. Respondents in the North East of England said £80,000 would make someone affluent; still higher than the nationwide average, but far less than the £367,000 sum from the South East. Londoners thought earnings of £289,000 meant someone could be considered wealthy, a figure which was (perhaps surprisingly) lower than than Scotland's £331,000 and South West England and Gibraltar's £323,000. When it comes to other signifiers of affluence, 51% of the people saidowning a private jet and 48% owning a yacht. However, high earners are likely to consider non-material factors – such as retiring early (48%), frequently travelling abroad (45%) or having investments (54%) – as more relevant symbols. Additionally, a third of 18 to 24-year-olds believe having a strong work-life balance is a strong signifier of wealth – something 41% are aspiring to achieve in the next two years. Vicky Reynal, financial psychotherapist, commented: 'HSBC UK's findings reveal a paradox: despite having high earnings and ambitious financial goals, many mass affluent individuals still don't feel wealthy. More Trending 'This disconnect underscores the psychology behind people's perceptions of wealth. '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.' View More » This article was originally published on March 3, 2025. Do you have a story to share? Get in touch by emailing MetroLifestyleTeam@ MORE: Martin Lewis urges Brits to claim 50% savings boost with 'unbeatable' Government scheme MORE: 'I travelled the world as a digital nomad – it's a miserable lie' MORE: Six companies in the UK that give dads 52 weeks paid paternity leave, ahead of protests
Daily Mail
21-04-2025
- General
- Daily Mail
I volunteered to dogsit my friend's 'cute and adorable' puppy and it cost me over £1,000 in damages. Should I send her the bill? VICKY REYNAL replies
I offered to look after my friend's allegedly 'cute and adorable' puppy while she went on holiday. But the puppy caused havoc: he damaged our £300 coffee table by chewing on its legs, peed on a £500 rug which I had to pay £100 to have cleaned and destroyed a £200 pair of my shoes. I am furious because my friend deceived me into thinking her puppy was 'good'. Should I send her a bill for the damage? M.E., via email Money psychotherapist Vicky Reynal replies: You generously agreed to look after what was promised to be an 'cute and adorable' puppy – only to find yourself hosting a one-dog demolition squad. Your anger at having your valuables damaged and ruined is entirely understandable. But whether you should send your friend the bill is more of an emotional than a financial question. When mothers are angry with their children for choosing a silk scarf for a tug-of-war tournament or expressing their artistic ambitions on the kitchen wall, they must find a healthy way to acknowledge and manage their anger, rather than acting out through overly harsh punishment or displacing it onto an innocent husband. And displacing the anger onto your friend by making her 'pay for it' both literally and metaphorically, might not be the most reasonable course of action. In Spanish, there is a saying, 'Si te gusta el durazno, bancate la pelusa' which translates to, 'if you like peaches, put up with the fuzz'. You can see where I am going with this. No matter how 'good' a puppy has been described, it's still an animal in a new environment, likely reacting to the distress of being left behind by its owner. There is no predicting whether the puppy will cry and sulk, refuse food and pee on the carpet, or take it out by chewing shoes and biting furniture. The reason you are using its behaviour to justify placing your anger on your friend is that she told you the puppy was 'cute and adorable.' That may well be true – but even cute and adorable creatures misbehave when upset: children throw tantrums and puppies can unravel in a new, confusing situation. Before you ask your friend to pay for some or all of the damages, ask yourself: was this truly her fault or did you underestimate what taking care of a puppy actually involves – with all its adorable perks and messy drawbacks? Imagine your mother offering to babysit your children for free, then asking you for compensation because they were difficult at bedtime. As frustrated and angry as she might be, is payment going to help ease her anger and frustration? And would you see it as your fault that the children were unsettled being put to bed by their grandmother? Perhaps halfway through the week, you realised that caring for the puppy was more hard work than you had anticipated and that you shouldn't have taken this commitment on, free of charge. When we offer something for free and later regret it, we might be left feeling resentful. It sounds like that's what happened: the puppy 'gave you' less than it 'took' from you and you are trying to restore that balance (the gap between your expectations and the reality) by asking your friend to pay for it. But also be aware of how the narrative takes on the shape of a personal betrayal. I wonder why that is? Why has this become about your friend misleading you? Is there a past dynamic (either between the two of you or you and other people in the past) that this tapped into? Is it possible that you sometimes interpret unfortunate situations as being done to you, rather than just happening around you? I am not suggesting that you should have returned the puppy with a smile on your face and not mention what happened. But with the perspective I have hopefully given you, try to separate what feels fair in this instance and ask yourself whether she is a 'bad friend' you want to distance with such a request, or a new dog owner who, like you, didn't consider that the lovely puppy could be a troublemaker when away from home. What might actually help you process your feelings is an honest, open conversation with your friend. Maybe something along the lines of, 'I didn't realise how hard it is to look after a puppy and he was actually quite naughty while you were away unfortunately. I thought it would be fun and instead I am left feeling both stressed and a few hundred pounds out of pocket, to be totally honest with you'. You might find that her empathic response is enough to help the anger dissipate. If she offers compensation, that might help too. And if she completely dismisses your feelings and becomes defensive, well – you will have learnt something about your friend and about the careful consideration (and boundaries) needed before making such a generous offer.
The Independent
07-03-2025
- Business
- The Independent
Earnings thresholds at which women and men would say someone is wealthy revealed
Women typically think the earnings trigger at which someone is considered 'wealthy' is around £40,000 higher than the level at which men believe someone is well off, a survey has found. On average, women think someone needs to earn at least £232,000 to be considered wealthy, while for men the threshold is lower, at £193,000, according to the research, released by HSBC UK ahead of International Women's Day on March 8. But researchers found the gender trend was reversed among people on higher salaries. Women earning over £100,000 typically considered £559,000 as the annual income needed to be considered wealthy, whereas men earning £100,000-plus typically thought a significantly higher earnings amount was needed to be thought of as wealthy, at £781,000. The most commonly-cited barrier to achieving financial goals for women was low income, with a third (33%) saying that the main challenge they faced was not earning enough, compared with a quarter (25%) of men. Psychotherapist Vicky Reynal said: 'Women can feel more financially vulnerable because of the gender pay gap, career breaks due to maternity leave or caregiving, and the impact of working fewer hours, which likely explains why they set a higher income threshold for wealth. 'Interestingly, the trend reverses among high earners – successful women may feel they have outperformed their peers, while men are more likely to compare themselves to ultra-wealthy individuals in their network, inflating their perception of what it means to be wealthy.' Aside from having investments, the most popular indicator of wealth was the ability to retire early, which was a leading marker for 54% of women, compared with 41% of men. Christopher Dean, HSBC managing director, premier banking and wealth management UK, said financial institutions can play a role in helping to narrow gender wealth gaps by providing access to digital tools, educational resources and, if applicable, financial advice. YouGov surveyed more than 2,000 people across the UK for the research in December 2024, made up of more than 1,000 members of the general population and more than 1,000 people earning £100,000-plus. Here are some tips from Vicky Reynal for building wealth: 1. Challenge any gender biases around money – and consider some of those could be internalised. Financial competence is a learned skill. 2. Know your strengths and limits and work to strike a healthy balance. 3. Identify specific habits to change, and set goals. Consider using budgeting tools, seek investment education, or building a savings pot for security. 4. Schedule time to manage your money, just like you would for your fitness or health. Small achievements can help to build confidence.
