Lifetime of earnings not enough for UK workers to join wealthiest 10%, report says

Comments

• birdwing@lemmy.blahaj.zone ⁨3⁩ ⁨weeks⁩ ago

  The wealthiest 10% is not a goal. Why should it be?

  The goal should be:

  a decent house, a clean environment, excellent public transport, free education and healthcare, and so on.

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  • foo@feddit.uk ⁨3⁩ ⁨weeks⁩ ago

    Whilst I agree with your statement, the research is using this as a measure of wealth inequality. 20 years ago a sudden windfall equal to 38 years of the average salary would put you in the top 10 percent. Now it would take 52 years. It’s illustrating the change in wealth gap.

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  • LainTrain@lemmy.dbzer0.com ⁨3⁩ ⁨weeks⁩ ago

    It means hypothetically, in the abstract - if you got your lifetime earnings as a lump sum in one day it still wouldn’t be enough to get rich which shows how little wage labour pays compared to ways the rich make money e.g. assets

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  • rah@hilariouschaos.com ⁨3⁩ ⁨weeks⁩ ago

    The goal should be

    Why should it be?

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    • Skipcast@lemmy.world ⁨3⁩ ⁨weeks⁩ ago

      Why shouldn’t it be?

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• AllNewTypeFace@leminal.space ⁨3⁩ ⁨weeks⁩ ago

  This is unacceptable. We need an economy where everybody is in the wealthiest 10%

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• SaraTonin@lemmy.world ⁨2⁩ ⁨weeks⁩ ago

  I forget what it’s called, but there’s a measure of what people need to live. But it includes a likely more than bare necessities. So included, for example, is having one 5-day holiday in the UK and going out to a restaurant once every 3 months. Not exactly extravagant, but accounting for one or two things that make life worth living beyond the way that these kinds of things often just count you as okay if you’re not actively starving.

  This year, in order to maintain that lifestyle as a single person with no kids, the average person would need to be earning £35,000 a year. That’s higher than the median income. Minimum wage is less than £20,000.

  Couple that with public services all having gone to shit and it’s no wonder people feel like they do.

  Want to stop Farage, Keir? Make people feel like they can afford a decent quality of life. Rather than trying to out-bastard him on immigrants and trans people. Make people feel like they’re doing okay and the hatred against those groups will mostly disappear all by itself and Farage will have no power. But if people feel insecure, that’s when the door is open for finger-pointing and cries of “it’s THEM who are taking your money”, which is the only trick Farage has got.

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• FishFace@lemmy.world ⁨3⁩ ⁨weeks⁩ ago

  Under what circumstances would we expect that to happen?

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  • Arcane2077@sh.itjust.works ⁨3⁩ ⁨weeks⁩ ago

    Not sure which ones you’re referring to, but in 25 years we went from “30 years of income, all in one go, would make you obscenely rich” to “58 years of income wouldn’t even get you in the top 10%”

    Hope that clears it up

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• stoy@lemmy.zip ⁨3⁩ ⁨weeks⁩ ago

  Obviously not, compound interest is a hell of boost, but require a starting capital.

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