You’re not as well off as you think you are

A family with two children now needs 45,000 per year before tax to be classed as part of ‘Middle Britain’. Find out where you fit in…

It’s the most British of taboos. Rarely discussed but frequently alluded to. A question you’d probably only ever ask of yourself.

‘How rich are you?’

Well, it just became a lot easier to find an answer to this probing question. In fact, you can now figure it out in a matter of a few key strokes.

It’s all to do with a new study carried out by the Institute for Fiscal Studies (IFS) aimed at pinpointing your richness in relation to the rest of the UK. Using this research, the IFS has also created an iPhone app and online tool that allows you to find out where you place on the income spectrum.

So where do you fit in?

Whether it’s the ‘squeezed middle’, ‘alarm-clock Britain’ or ‘the middle-class squeeze’, the idea of a median group of British earners has become rife over the last year or so. And what’s more, it seems that most people believe that they fall into this centre sector.

A report compiled by the Joseph Rowntree Foundation back in 2009 found that – despite thinking that the wealth gap in the UK was too wide – a majority still placed themselves ‘somewhere in the middle’ of the income spectrum.

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