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Feeling wealthy? Then you're probably male, married and middle-aged

Published 18/11/2016

The average income of those who feel wealthy is £65,810 a year, a survey shows
The average income of those who feel wealthy is £65,810 a year, a survey shows

People who feel wealthy tend to be male, married, in their late 40s, earning more than £65,000 and living in a detached house mortgage-free, a survey has found.

Only one in 50 (2%) people across the UK feel they are wealthy - and 59% of people who identify themselves as such are men , according to the research from Lloyds Bank.

The average income of those who feel wealthy is £65,810 and the average age of those who feel well off is 47.

London is the area of the UK where people are most likely to feel wealthy, with nearly one in five (18%) people in the survey who say they feel wealthy living there.

None of the people who said they felt wealthy lived in Northern Ireland.

One in 10 (10%) of those who felt wealthy lived in Scotland, while 6% lived in Wales, the research showed.

More than half (55%) of those who feel well off are married, while more than three-quarters (76%) own their home outright, with no mortgage to pay.

The home they live in is worth £737,220 on average.

Some 51% of those who felt wealthy lived in a detached home - and more than two-fifths (43%) owned an investment property, the research among more than 2,500 people found.

Around 59% of those who feel wealthy are employed full-time, while 8% are self-employed and 20% are retired. One in 16 (6%) is looking after family members and one in 25 (4%) is employed part-time.

Sarah Deaves, private banking director at Lloyds Bank, said: " Those that feel wealthy today tend to be middle-aged. They have perhaps benefited from better pensions, large house price inflation, no university fees and have lived through a number of years of a low inflation, low interest rate environment."

The research also revealed differences in how people who feel wealthy manage their investments. Just under a quarter (24%) get professional advice about their investments at least every three months, but 26% have never sought any financial advice.

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