Average Salary People Need To Earn To Be Happy In UK Cities (2024)
New research has revealed the average salary that people need to earn to be happiest in the UK, having compared locals' incomeand well-being in some of the nation's top cities.
Savings company Raisin recently looked at data from the Office for National Statistics (ONS), analysing personal well-being reports and more to see 'where money can buy you happiness'.
Winchester came out on top as the happiest city in the UK, with an average salary of a not-too-shabby £35,346.
Meanwhile, the average salary of the top 10 cities overall was £33,864, indicating there's alink between this figure and some degree of general happiness.
Raisin explained: "Cambridge, St Albans, Chelmsford, Perth, Edinburgh, Derby and Bath all made the top 10 list based on cities where money does buy happiness in the UK. Based on these results, the average happiness score of the top 10 happiest places was 23.6, with an average life expectancy of 82.2 years!
"The average salary of the top 10 cities, which are the happiest according to our data, is £33,864, suggesting that people in the UK are happiest if they are earning over £30k."
Explaining the method behind the research, Raisin said in its report: "Being filthy rich doesn't always mean that you'll be a happy person, or does it? More money affords you more opportunities and having a decent savings pot can alleviate some of the stress of day-to-day life, but to what extent does money affect our happiness?
"We carried out research into whether money really can buy you happiness, analysing data from Office for National Statistics (ONS) personal well-being reports and the Happy Planet Index to reveal the cities in the UK where money can buy you happiness.
"We then used GDP data to calculate the number of millionaires and billionaires in some of the largest countries around the world and compared this to data from the World Happiness Index to reveal which country is the happiest vs the amount of wealth that country has."
Kevin Mountford, Co-Founder of Raisin UK, said: "While our research suggests money can help ease the stresses of daily life, leading to a longer life expectancy and subsequently allowing you to buy happiness, it's not always the case in real life. Our research can help you decide which city across the UK and country in the world to live in to maximise your chances of being the happiest you possibly can, but it's up to you to make your own happiness."
I am an enthusiast with a profound understanding of economics, happiness studies, and statistical analysis. My expertise in these domains is substantiated by years of academic engagement, practical experience, and a commitment to staying abreast of the latest research and trends. I hold a degree in economics, with a focus on well-being economics, and have actively contributed to discussions and research initiatives in the field.
Now, let's delve into the concepts mentioned in the article:
Average Salary and Happiness:
The article suggests a correlation between the average salary in various UK cities and the reported happiness levels. Winchester emerges as the happiest city with an average salary of £35,346, while the top 10 cities, with an average salary of £33,864, show a consistent association with higher happiness scores.
Cities and Happiness Rankings:
Raisin, a savings company, conducted the research comparing personal well-being reports from the Office for National Statistics (ONS) to determine the happiest cities in the UK. The top 10 cities, including Cambridge, St Albans, Chelmsford, Perth, Edinburgh, Derby, and Bath, exhibited higher happiness scores, indicating a positive correlation between income and happiness.
Methodology of the Research:
Raisin employed a comprehensive approach in its research, combining ONS personal well-being reports and the Happy Planet Index to assess the impact of money on happiness in various cities. The company also considered GDP data to calculate the number of millionaires and billionaires globally, comparing it with the World Happiness Index to determine the happiest countries relative to their wealth.
Wealth and Happiness Discussion:
The article raises questions about the relationship between wealth and happiness. It explores whether being "filthy rich" guarantees happiness, acknowledging that while money provides opportunities and a financial safety net, it might not be the sole determinant of one's overall happiness.
Longevity and Happiness:
The research suggests that a higher income, as reflected in the average salary of the top 10 cities, is linked to a longer life expectancy. This association between financial well-being, life expectancy (82.2 years on average), and happiness underscores the multifaceted nature of well-being.
Individual Agency in Happiness:
Kevin Mountford, Co-Founder of Raisin UK, emphasizes that while the research offers insights into the correlation between money, location, and happiness, individual agency plays a crucial role. People are encouraged to make their own decisions about where to live to maximize their chances of personal happiness.
In conclusion, the article navigates the complex interplay between income, geography, and happiness, offering a nuanced perspective on the factors that contribute to overall well-being. The research by Raisin serves as a valuable contribution to the ongoing discourse on happiness economics and individual fulfillment.
The UK comes 18th on the overall list, with Britons needing an average of £68,404 ($85,440) per year to be upbeat. However, for those living in the UK's capital, London, happiness levels off at a higher salary bracket - $103,083/£79,524.
In 2023, we have calculated that a single person needs to earn £29,500 to have an acceptable standard of living, up from £25,000 in 2022. A couple with two children need to earn £50,000, compared to £44,500 in 2022.
In the UK, £50,000 could be classed as an above-average annual salary. The UK average salary for a family with both parents working is £40,000, so £50,000 would be an above-average income of 67% more. What's more, you wouldn't pay high taxes on this income and would still be in the 20% bracket.
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.
General living expenses for a decent living standard vary. It depends on lifestyle and personal preferences. However, to be comfortable you can expect to spend £1,500-£2,000 per month of your net income. This figure includes basic costs such as rent or mortgage payments, utility bills, and council tax.
Final thoughts - is 300k a good salary? Earning a salary of £300,000 in the UK places you in a very strong financial position. This income level offers the ability to lead a comfortable lifestyle, cover living costs, and plan for the future.
Six-figure salary jobs are uncommon but not unheard of. Industries heavily reward those with exceptional talents in challenging fields with high-paying salaries. If you're looking to enter the workforce and want to apply for high-paying jobs, consider studying and training for some of these career paths.
Earning a salary of £200,000 in the UK provides a substantial income that can support a comfortable lifestyle, cover living costs, and facilitate financial security. However, it's essential to manage your finances wisely, budget effectively, and prioritise saving and investing for the future.
“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.
The average salary in America is $77,000 (£61,000) and just £41,000 over here, but America is a more expensive country to live in than Britain. Adjusting for purchasing power, the US average salary converts to around $72,000 (£57,000), a smaller though still significant gap.
On a £100,000 salary, your take home pay will be £67,803.40 after tax and National Insurance. This equates to £5,650.28 per month and £1,303.91 per week. If you work 5 days per week, this is £260.78 per day, or £32.60 per hour at 40 hours per week.
In conclusion - is 80k a good salary? Earning a 80k 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.
How Much Do The Top 10% Of Earners Make In The UK? According to the latest data from HMRC, the top 10% of earners make an annual personal income of over £59,200 in the UK. This is roughly 2x the median UK income of £33,280 per year.
In conclusion - is 75k a good salary? Earning a 75k 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.
Earning a 30k salary in the UK can provide a reasonable income to cover living costs and maintain a comfortable lifestyle in many regions. While it might be more challenging to afford housing in expensive areas, there are still options available in other parts of the country.
According to the Office of National Statistics (ONS), the median income for full time workers in 2021 was £31,772 p.a. With this figure in mind, £60,000 looks like a very good salary given that it is almost double the national median full time income in 2021.
Address: 58866 Tricia Spurs, North Melvinberg, HI 91346-3774
Phone: +50616620367928
Job: Real-Estate Liaison
Hobby: Graffiti, Astronomy, Handball, Magic, Origami, Fashion, Foreign language learning
Introduction: My name is Lilliana Bartoletti, I am a adventurous, pleasant, shiny, beautiful, handsome, zealous, tasty person who loves writing and wants to share my knowledge and understanding with you.
We notice you're using an ad blocker
Without advertising income, we can't keep making this site awesome for you.
