Do you know how much full-time employees in the UK earn per week? Canary Claims investigates if people know how much the average weekly earnings are.
In 2018, the Office for National Statistics (ONS) data revealed that the median UK income per week was £569 for a full-time employee. But when a recent survey by Canary Claims asked the UK public how much they believed was the median UK income, just 17.6% of individuals thought that it was between £500 and £750 — the correct amount.
Over 70% believed that it was below £500 and 10% thought it was over £750 per week. The survey asked over 1,000 respondents, and the full results are as follows:
How Much Is the Median UK Income per Week for Full-Time Employees?
|Believed Average Weekly Income||% of Respondents|
|£250 – £500||50.3%|
|£500 – £750||17.6%|
Insights from the Survey
The survey results from Canary Claims show that many people are unaware that £569 is the median amount earned in the UK. Taking a deeper look into the statistics gives us a more in-depth understanding of who thought the amount is less — and why.
- 70% of respondents between the age of 18 and 24 thought the weekly wage was under £500 — This is hardly surprising, as individuals between the age of 18 and 20 have a minimum wage of just £5.90. Working 40 hours a week on this salary amounts to £236. The minimum wage increases at the age of 25, where it currently sits at £7.83 (due to rise in April 2019).
- 13% of males thought the median weekly income was above £750 — This figure demonstrates the difference in opinion between men and women, with just 8.2% of women believing this was the correct amount. Despite large firms declaring the salaries of their employees, many women still earn less than their male counterparts.
The Cost of Living Is on the Up
Although the ONS data shows an increase in the median UK earnings per week, the cost of living is also rising. Despite a government cap, many gas and energy suppliers are likely to up their prices this year. In addition to this, some council tax bills could also increase by 5%. Despite an increase in earnings, many households will need additional income to pay for essential bills and utilities.
With more financial strain put on households, a pay rise, additional income or a cash boost is much-needed.
The Average PPI Claim Equals Three Weeks Worth of Work
According to the Financial Conduct Authority (FCA), the average PPI claimant receives £1,700. This means you could earn three weeks worth of weekly earnings by completing a successful claim.
One of the highest known PPI payouts saw one couple receive £153,000 due to having twelve policies. Although there is no guarantee as to how much a PPI claim will earn you, the amount can be substantial.
Remember, you have just six months to claim PPI. The FCA set 29th August 2019 as the deadline for individuals to submit PPI claims to their bank. If you think you could be due a refund from your bank, you must file your claim before this date.
Canary Claims is a no-win, no-fee PPI claims company that charges a low fee of just 15% + VAT (18%) on successful claims. If you want to find out if you’re due a refund before the PPI deadline, contact us today.