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Where do you sit in the money stakes?

If you’re wondering where you sit in regard to earnings or assets, new figures from  McCrindle make interesting reading. Could it be time to ask for a pay rise, or consider new ways to save or invest? 

The research company found:

* The average full-time annual earnings are $97,510 with household gross annual income at $121,108.

* Generation Y households make up 15% of the population, but own only own 5% of the share of the national wealth with an average household net worth of $353,800. 

* Boomers are the best off financially, having around double the share in national wealth compared to their population size. 

* The average earnings of the top 20% are 12x the average earnings of the bottom 20% and the wealth of the average household in the top 20% is 93x the average wealth of those in the bottom 20%. 

* While the average household gross income is $121,108, however the top 20% of households earn 48% of all income. With the bottom 20% who are left with 4% of Australia’s income. 

 * From 1981 to 2021, the average full-time total earnings for Australian adults increased 5.9 times, from $15,800 (1981) to $93,500 (November 2021). Today the average adult full time wage is $97,510 with median house prices across Australia at $1,008,988 or 10.3 times the average earnings.

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