Recent results from leading PPI claims company, Canary Claims, reveal that most people in the UK are unaware of the median weekly earnings for a full-time employee.
Data from the Office for National Statistics (ONS) indicate that the median weekly earnings in 2018 were £569. This is a 4% increase from 2017. Yet when over 1,000 people were asked if they knew the amount, just 17.6% of people guessed the right category of £500 to £750.
The majority, 71.5%, believed it was under £500, while 10.6% thought it to be over £750 a week.
Insights from the Survey Results
The highest percentage of respondents chose the £250-£500 category as their answer for the median weekly pay.
When breaking the results down by age groups, males over the age of 55 were the most likely to believe that the median weekly pay is above £500. 40.2% think it’s above this amount, with 9.2% choosing £750+ as the correct answer.
The majority of the respondents believe that the correct amount is less than £500. 70% of those surveyed between the ages of 18 and 24 think the amount is under £500. It is likely that the percentage is high for this age group due to a lower minimum wage for those under the age of 25.
Household Utilities Set to Increase in 2019
The median weekly wage may have increased by 4% since 2017, but it hasn’t left consumers better off. The number of personal insolvencies are growing and many of the big energy suppliers increased prices in the latter half of 2018.
In April, the increase in the national minimum wage will be a much-needed pay-rise for many individuals. In the meantime, consumers are looking for other opportunities to make and save money. There are a handful of ways to receive a much-needed cash boost, such as switching current accounts, renting car spaces or making a PPI claim. Consumers have just six months left to reclaim PPI due to the impending deadline, set for 29th August.
For full details about the survey, read the Canary Claims blog here.