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, £25,000 looks to be a below average salary given that it is about 10% higher than the national median full time income in 2021.
In the UK, £25k is a salary below the average. While it is possible to live on £25k, you will probably need a budget and be careful about your spending. It is a good idea to increase your income through side hustles.
What is a good salary in the UK? Between £2,500 and £3,000 is considered to be an ideal monthly net income in the UK.
This is a low income for London. It is possible to live alone on 26k - I did it when I started work here and still put away enough for a holiday. It all depends how much you spend, particularly on eating out, booze and cabs. Expensive hobbies might be tough.
On a £26,000 salary, your take home pay will be £21,178 after tax and National Insurance. This equates to £1,765 per month and £407 per week.
Annual / Monthly / Weekly / Hourly Converter
If you make £26,000 per year, your hourly salary would be £12.50. This result is obtained by multiplying your base salary by the amount of hours, week, and months you work in a year, assuming you work 40 hours a week. How much tax do I pay if I make £26,000 per year?
We show how a salary of £24,000 would be required just to cover essential living expenses, a salary of £39,000 to cover discretionary living expenses and a salary of £48,000 to cover savings.
To be in the top 1% of income tax payers in the UK (i.e. to be among the 310,000 individuals with the highest income), a taxable income of at least £160,000 is required. £236,000 is required to be in the top 0.5% and nearly £650,000 to be in the top 0.1%.
In March 2023 the top one percent of earners in the United Kingdom received an average pay of 16,754 British pounds per month, compared with the bottom 10 percent of earners who earned 711 pounds.
Average Salaries by Age Group
22 to 29-year-olds – £25,178. 30 to 39-year-olds – £30,019. 40 to 49-year-olds – £31,476. 50 to 59-year-olds – £29,007.
Median income for non-retired households decreased by 0.3% in FYE 2022, from £34,100 to £34,000, following a 1.0% increase in the previous year, with an average annual growth of 1.7% in the 10 years leading up to 2022 (FYE 2013 to FYE 2022).
top quintile: £54,000. second highest quintile: £35,700. middle quintile: £26,800.
The average annual salary in Australia is $68,900 and $35.30 per hour. It is just the average salary for basic workers but skilled and experienced workers also earn around $108,980 annually. The average salary also varies depending on the field of work and the job role of workers.
On a £25,000 salary, your take home pay will be £20,511 after tax and National Insurance. This equates to £1,709 per month and £394 per week.
Yes, it is absolutely possible to get a mortgage on £20k a year. Very few lenders have a minimum amount of income to qualify for a mortgage and will typically permit anywhere between 4 to 5 times your annual income.
The calculation above shows that, after tax, a gross income of £25,000 per year in 2023 leaves you with £21,024 taken home. This is equivalent to around £1,752 per month. There is about 16 pence taken away for taxes and national insurance contributions from every pound earned.
The average yearly salary in Australia is 90,800 AUD (USD 60,355). Let's go through a few key indicators of the average earnings in Australia so you can fully understand salary statistics and trends in the country.
In conclusion. 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.
Those figures do not include non-taxpayers - once they are included, earnings of £80,000 would put someone in the top 3% of the UK population, according to the Institute of Fiscal Studies.
Figure 1: Average weekly earnings for total pay were £638 and for regular pay were £596 in February 2023, showing a steady increase over time (except for early on in the coronavirus pandemic)
The ONS tells us that in April 2022, median weekly earnings for full-time employees went up by 5 per cent compared to the previous year, meaning that the average person took home £640 per week, or approximately £33,280 p.a. But, adjusted for inflation, it's still 2.6 per cent lower than that year.
Yes, it is exceptionally good.
A 25k salary is below the nation's average for a full-time employee. The average yearly wage for full-time workers in London in 2022, according to Statista, was £41,866, compared with £29,521 for workers in North East England, which was the lowest in the United Kingdom in 2022.
£28000 is £1890 after tax each month. So if you live in a house share in east london (lets say East Ham, Barking, Upney etc) or West London (Hounslow, Southall etc), then you can commute in reasonably easily and still save up money. You would be able to get a room in a shared house for about £550-£600 per month.
Can you live in London on £30k? While you can manage on a £30k annual salary in London, you may find it difficult to cover your costs. In 2023, this is £8,000 below the expected average expenditure for a single person.