The average household income in the UK in 2024

Could you ever ask your friend how much they earn? Would you dare enter into that conversation with a family member? It all still seems very taboo to discuss how much each of us earn. Like it's some dirty little secret. Is that because you're embarrassed, either because you know you earn so much more than someone else or so much less? And does it really matter?

What is the average household income in the UK?

To find out how you compare, let's take a look at the average household income in the UK in 2024. Remember, this is the “household” income, so it could combine a couple who are both bringing in wages from full-time employment. In this instance, it's easier to break down the average household income in the UK for each person so we can track an individual's earnings, and take it from there.

Later on in the article, we'll delve into the average salaries of some of the most common professions in the UK, so you can compare and contrast with these as well.

But first, let's crack on with the facts and figures that will tell us all about the average household income in the UK.

According to the latest survey from the Office for National Statistics, calculated between June and August 2024, the average weekly earnings is £693 for total earnings and £648 after tax. That equates to £36,036 a year before tax, if you work full time, and are paid for every week of the year, including holidays.

If you plug that figure into the salary calculator, that works out as taking home £29,439.60 a year, which is £2,453.30 in your pocket every month.

If two partners both work full-time, this could place the estimated household income around £72,000 per year before tax.

Of course, if you work overtime, these figures will be more, and might vary from month to month, depending on how much overtime you (and your full-time working partner) complete. 

What is a comfortable salary for a family of four in the UK?

Is £70k a good household income in the UK? Or is £50k? Of course, it will depend on your circumstances, if you have any dependents, and whereabouts in the country you live. The cost of living is generally higher in the bigger cities, especially London, with the south east of the UK normally seen as being the most expensive place to live.

If you earn over £40,000, which is above the average income for the UK, you should be able to live comfortably, and even treat yourself to a holiday every year or run a car.

What is a good salary in the UK?

Salaries tend to rise over time, due to inflation, and products and services becoming more expensive. According to the aforementioned survey from the ONS, the “median household disposable income for the poorest fifth of the population increased by 2.3% to £16,400, partly because of government cost of living support measures” yet that figure is still 2.4% below pre-pandemic levels.

So, what is considered a good salary in the UK?

According to the Minimum Income Calculator, for a minimum decent standard of living for a couple living on their own, they'd need to earn a combined £39,444 a year, giving a net income of £659.14 a week. It's up to you whether you consider that enough to have a decent life, as there's no one-size-fits-all here.

For someone on their own with no children, £24,876 is considered enough to live on for the year. This rises to £47,501 if you have a small child.

The average salary for the most common professions in 2024

If you haven't quite had your fill of data, facts, and figures yet, here are some more to get your teeth into, with what you can expect to earn, on average, if you're employed in one of the most popular full-time jobs in the UK, according to the most recent annual population survey by Nomis.

The figures below are estimated average annual salaries sourced online:

• Financial Managers / Directors - £97,676

• Financial Project Managers - £49,036

• Business Development Account Manager - £42,124

• IT Business Analysts / Architects / Systems Designers - £77,826

• Production Managers / Manufacturing Directors - £69,097

• IT Managers - £49,468

• Software Developers / Programmers - £40,593

• University Teachers / Higher Education Teaching Professionals - £40,889

• Secondary School Teachers - £33,191

• Investment Analysts / Advisers - £49,298

• Primary School Teachers - £32,080

• Nursing Professionals - £34,119

• Large Goods Vehicle (LGV) Drivers - £30,433

• Wholesale Managers / Retail Directors / Retail Managers - £37,455

• Bookkeepers - £24,901

• Customer Service Assistants - £19,343

• Warehouse Workers / Operatives - £20,925

• Care Workers / Home Carers - £20,668

• Administrators - £23,221

• Sales Assistants - £18,745

Remember that different companies will pay different wages for the same role. The above list includes various jobs, both in the private and public sectors, with annual salaries that range broadly, from below the UK's average income of around £36,000 to significantly above it, reaching up to over £90,000.

Recommended reading:

• The 9/80 work schedule explained

• How to approach a salary negotiation in your annual review

• How to Answer 'What Are Your Salary Expectations' Question