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Some of us are getting richer…

Thursday, February 08, 2018

The UK as a whole became 15% richer between June 2014 and June 2016, according to the latest figures from the Office for National Statistics (ONS).

Its Wealth of Great Britain series showed that the UK’s total net wealth in the period July 2014 to June 2016 was 15% greater than that measured between July 2012 to June 2014. Aggregate total net wealth for all households in the UK was £12.8trn for the 2014-16 period, compared to £11.1trn in 2012-14.

The ONS found that the total net worth for the median household was £259,400 for the more recent period, compared to £225,100 between 2012-14, (also an increase of 15%).

However, the UK’s wealth is concentrated in the hands of the relative few - the top 10% of households have around five times’ greater wealth than those in the bottom half of all households combined.

Pensions auto-enrolment is gradually having an effect on savings, with the ONS reporting that 49% of individuals between the ages of 16 and 64 saved into a pension between 2014-16, compared to 44% in 2012-14. That has helped to drive an increase in aggregate total private pension wealth of households from £4.4trn to £5.3trn. However, many self-employed workers have yet to be convinced of the value of saving for retirement - although 66% of employees pay into a pension, only 25% of self-employed workers do so.

Whatever the level of your wealth and your type of employment, making financial plans for your retirement is essential. If you’d like to talk to us about any aspect of financial planning, please contact us or speak to your Brunsdon Financial Adviser.

Source:
https://www.ons.gov.uk/peoplepopulationandcommunity/personalandhouseholdfinances/incomeandwealth/bulletins
/wealthingreatbritainwave5/2014to2016

Please note that this information is for guidance only and does not constitute personal advice. Brunsdon is not responsible for the content of external web sites.

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Brunsdon is the trading name of Brunsdon Financial Services Ltd. (Reg. No. 03434005), Brunsdon Insurance Brokers Ltd. (Reg. No. 03433998), Brunsdon Asset Management Ltd. (Reg. No. 07098607) and Brunsdon Employee Benefits Ltd (Reg. No. 11021460). All companies are registered at Goodridge House, Goodridge Avenue, Gloucester GL2 5EA. Tel. 01452 623623 E-mail. enquire@brunsdon.co.uk. Brunsdon Financial Services Ltd. and Brunsdon Insurance Brokers Ltd. are authorised and regulated by the Financial Conduct Authority. Brunsdon Employee Benefits Ltd is an appointed representative of Brunsdon Financial Services Ltd. The FCA does not regulate tax advice and some elements of Automatic Enrolment.

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