How much money you need to be ‘wealthy’ in the UK – according to Brits
As the cost of living increases and the job market continues to deteriorate, a growing number of Brits say that their finances are making them anxious.
This is according to new data from polling group Ipsos which shows over half (56%) of Britons aged 16-75 express concern about their current financial situation, with one in five (18%) saying that they are very concerned.
Younger adults (16-34) are more apprehensive (60% concerned) about their current financial status compared to those aged 55-75 (45% concerned).
When asked what the most important factors are for financial security, Britons are most likely to cite savings and investments (69%), stable employment (67%), and low personal debt (57%).
However, stable employment is a key factor for financial stability for 16-34s (70% of those aged 16-34s vs 58% of those aged 55-75), with owning a home ranking higher amongst 55-75s (67% of those aged 55-75 vs 45% of those aged 16-34).
Almost three in four (73%) say it’s more difficult for young people to feel financially secure than it was 20 years ago. 64% of young men say that it’s more difficult, compared to 75% of young women.
What it means to be wealthy
When asked how much they think someone needs to earn per year to be considered ‘wealthy’, young men are more likely to consider an income over £100,000 as indicative of wealth (55%) than young women (43%).
Perception also plays a big part as to whether people consider themselves wealthy. In order to consider themselves wealthy, young women are more likely to prioritise a lack of day-to-day financial worries (70% women aged 16-34 vs 60% men aged 16-34), while young men are more likely to prioritise generational wealth (46% men aged 16-34 vs 39% women aged 16-34).
Young men (32%) are around twice as likely to think that wealth is important to attract a romantic partner than young women (15%). Two thirds of young men (66%) believe that you need to be competitive in order to be successful, compared to half (50%) of young women.
Notably, young women are more likely to have cut back spending on hobbies/leisure activities (58% women aged 16-34 vs 51% men aged 16-34) and subscriptions (56% women aged 16-34 vs 44% men aged 16-34) than young men to save money.
