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Average UK worker would need to save 52 years of earnings to be wealthy
The average Brit would need to work for over half a century with no outgoings to move into the wealthiest bracket, according to analysts
The average UK worker would need to save their earnings for 52 years in order to move to the top of the wealth ladder, new research suggests.
It would take just over half a century of saving with no outgoings for the average Brit to raise £1.3 million, the amount needed to move from the move from the middle to the top brackets of the nation’s richest, according to the Resolution Foundation.
The think tank’s Before the fall report, which examines the scale and distribution of household wealth across Britain , said intergenerational inequality had “worsened” between 2006-08 and 2020-22, warning of “entrenched wealth gaps” that “reflect the growing importance of who your parents are, rather than how hard you work, in shaping lifetime living standards”.
Using data from the Office for National Statistics’ Wealth and Assets Survey, analysts found that while Britain’s stock of wealth continued to grow during the pandemic, reaching a new record high of 7.5 times GDP, wealth gaps between rich and poor families have grown “sharply”.
Molly Broome, senior economist at the Resolution Foundation, said wealth gaps between the richest and poorest in the country were “doubly concerning” because of low rates of wealth mobility across the country.
