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Discuss, with relevant examples, the different levels of income and expenditure that a typical UK individual is likely to ex
Finance & Accounting
Pages 7 (1757 words)
Topic: Different Levels of Income and Expenditure for a Typical UK Individual Name Professor Institution Course Date Introduction The typical United Kingdom citizen has many factors social and economical working in their favour. According to many rating agencies, the United Kingdom scores highly compared to other countries in terms of the average income, the employment rate, the quality and affordability of housing, health services and safety in general.
Its quality of education is high and the literacy levels are among the highest in the world. Its learning institutions, especially the universities, rank highly in global ratings. The income levels in the United Kingdom are above the global average (Cordner, Das, and Cordner, 2010, p. 76). A typical UK citizen is thus destined to experience many levels of income and expenditures due to the nation’s diverse nature. Income The average household net-adjusted disposable income on the global scale is $22,387 per year. United Kingdom’s average citizen outdoes this and has an average annual income of $26,552. This is according to the Organisation for Economic Co-operation and development (OECD) survey carried out in 2010. The UK also has an average household wealth of $59,923 according to the OECD survey. This also is above the average household wealth of $36,238 for OECD members. The debt level though was $73,039 in 2010 according to a national financial education charity called Credit Action. This includes all debts mortgage and credit card debt. Also, the OECD estimates that the income for the top 20 per cent of earners is $55,138 per year. ...
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