This is the first time Office for National Statistics (ONS) has brought together its data on both personal and economic well-being to give a fuller picture on the well-being of UK households.
In the latest quarter, economic indicators such as income and spending continue to increase, however, longer term, there is a slowdown of household conditions, also seen in a levelling off of people’s personal well-being and people’s perception of the future has been worsening.
In Quarter 3 (July to Sept) 2018, there was an increase in real household disposable income per head, up 0.7% compared with a year ago, alongside similar rises in earnings, employment and household spending and improved anxiety ratings.
This release presents analysis on the effects of taxes and benefits on UK household income, extending the analysis presented in Household disposable income and inequality in the UK: financial year ending 2017 to include indirect taxes and benefits-in-kind.
This analysis is based on the Office for National Statistics’s (ONS’s) Living Costs and Food Survey.
In the financial year ending 2017, the average income of the richest fifth of households before taxes and benefits was £88,800 per year, 12 times greater than that of the poorest fifth (£7,400 per year).
Average annual incomes, taxes and benefits, and household characteristics of retired and non-retired households in the UK. Data for financial years, by quintile and decile groups, country and region and tenure type.
The redistribution effects on individuals and households of direct and indirect taxation and benefits received in cash or kind analysed by household type, and the changing levels of income inequality over time.
This article describes the results of analysis of the financial capability measures contained in the 2010 to 2012 Wealth and Assets Survey, many of which were asked for the first time in this wave. It has been written by Andrea Finney and David Hayes of the University of Bristol’s Personal Finance Research Centre to follow the style of an Office for National Statistics statistical bulletin