How Do UK Salaries Compare vs The Rest Of The World?
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- Опубліковано 13 чер 2024
- How does you income compare to others globally? Which countries have the highest and lowest pay and what do global trends tell us about being self employed?
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Links from the video:
Follow the Money by Paul Johnson - amzn.to/3Qmv5gp
World Inequality Report: wir2022.wid.world/www-site/up...
ILO Global wage report: www.ilo.org/wcmsp5/groups/pub...
TUC Self employment: www.tuc.org.uk/blogs/almost-h...
Average monthly net salary: www.numbeo.com/cost-of-living...
Gini coefficient - worldpopulationreview.com/cou...
Wealth Pyramid
www.statista.com/chart/11857/....
Language Nerds: thelanguagenerds.com/2023/cou...
DISCLAIMER: Some of these links may be affiliate links. If you purchase a product or service using one of these links, I will receive a small commission from the seller. There will be no additional charge for you.
DISCLAIMER: I am not a financial advisor and none of the content on this channel is financial advice. All information is provided for educational/entertainment purposes. If you are making investment or other financial decisions and require advice, please consult a suitably qualified licensed professional.
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Deja vu for some of you! This is a re-upload as I spotted a small error and wished to remove it.
Let's also remember that if you earn £50k but you pay £2500/month in rent and your average shopping basket costs £100 you are basically poorer than you think. That's the accurate way to measure IMO.
True, but you can also have a great lifestyle. Decent accommodation, and nice food. Sure, you’re not a rich as you feel - but you’ll have nice things.
@@JM-yf3ol hmm yes I agree to an extent. In London if you earn £2500/month which is considered high compared to national average, you will most likely have to share a flat where you will pay 50% of your income and still have to share a shelf in the fridge with a stranger. I don’t think that’s any quality of life.
@@andreistoica2994 if you find a loving partner , then I would say it is a quality life. But sharing with friends or just strangers creeps me out. Thats for sure.
Live somewhere cheaper and commute in.
@@andreistoica2994 Live in Slough or Basildon and commute in.
Next video should discuss the income vs expense ratio for each country. I think that will reveal a lot more depth about the dire situation of the UK.
Yes, I would love to see this!🎉
Damien, I think you don’t know how good this video is. It took being self-employed for a few years to make me appreciate employment. I now love my job even when I’m not enjoying it! That stable pay check is everyting!
I'm not gonna lie and say I don't complain; but I make sure to look up and say *THANK YOU* every time I do..
its _so_ easy to be complacent or ungrateful.. working with the truly underprivileged will put things in perspective, quick..
Also, I'm sure everyone who has ever tried self employment will learn how hard running a business is, not too mention time consuming even when the task isn't hard. Starting the business is the easy bit, making it sustainable without needing to work 100 weeks is the real challenge.
That correlation between self-employment and poverty is absolutely eye opening to me. Thanks for sending me down the rabbit hole to find out more 🕳️ 🐇
You are so welcome! Glad you found it as interesting as i did
that's because successful self employed people turn the craft into a business, then pay themselves a small salary to pay less tax (where the figure comes from), while keeping every value in the company itself. If someone doesn't make it to that point they usually stop being self-employed in 1-2 years because they don't earn enough money/can't deal with the stress, etc. . You can see that these things can skew statistics and doesn't necessary represent reality.
If you take a look at time-series data for countries as they develop you will also see that wage/employed work increases and self-employed work decreases as countries develop. Most self-employed workers in poorer countries are mostly working in agriculture which is one of the least productive sectors.
Very true, most self employed take minimum wage then use dividends as payments.
Self employed in a fruitful economy is not comparable to self employed in a hand to mouth economy. One is because of a fruitful labour force, that enables diversity and the other is out of necessity.
The self-employed "myth" really hit me when I visited Mexico a few months ago, and everyone you buy something from on the street is "self-employed" but they are there from 7am to 11pm, selling food or bags or knock-off branded items for like 30 pesos ($1.80 US) and at least in Mexico City where there aren't AS many tourists like myself, I seemed to be the only one buying their stuff.
Well thats the definition of being "self-employed", not the earning potential. Its the earning potential myth that is the problem.
Hay language learning buddy!
Entertaining and informative. You let your viewers know whats up, even your unknowns. That's what we want. Keep up the good work my g.
Thank you
Hi Damo. Awesome video. I’m a maths teacher with a Core Maths class in year 12 at a sixth form where they learn about interpreting stats and financial maths. This is such an entertaining video that I’ll be using it in my lesson tomorrow to show them how to tackle hard to answer questions with stats. I think this is fantastic and I always want to integrate healthy money talk into school because who else is gonna do it???
This is so cool! If you ever want me to pop down to your school and say hello just email me. I can talk through how I make the videos or whatever, my email is in the channel bio
My kids told me statistics are not given much focus in A-level anymore, where students are only taught the formulas to use without diving into each one fully, making it harder to grasp and to appreciate their power. That's a real shame as statistics is all around us.
My favourite joke is that 42.6% of statistics quoted are made up on the spot. Including this one. The point is you can "prove" anything with statistics, you just have to present it how you want it. Start with a misleading hypothesis, ignore biases, include extreme cases, use a small sample, viola the UK's inflation is only 4%.
@@bigboldbicycle well Einstein said if you can't make your expertise accessible and understandable, you clearly don't know them well enough.
A lot of maths teacher in the UK are not maths experts, we don't all have maths degrees. The A level requires very deep understanding of the material to teach it. So naturally, if you are teaching a course that you just barely know yourself, you make your students learn through rote memorisation.
When you train to teach, one curriculum strand you have to pass is subject knowledge, but at the moment we're so desperate for teachers anyone can train to teach maths. I met an English teaching trainee, who graduated in law and hadn't sat in a maths lesson for 10 years who passed the subject knowledge test for a maths teaching training course.
You have been creating some amazing content recently. Provides value, has a point, opens perspective. Thank you 👍
Thank you so much
I now grasp the concept of leverage. Creating wealth and financial freedom isn't as tough as many people believe. Building wealth and remaining financially stable indefinitely is a lot easier with the appropriate information. Participating in financial programs and products is the only true approach to make a high income and remain affluent indefinitely.V
The first step to wealth creation, is figuring out your goals and risk tolerance - either on your own or with the help of a financial advisor. If you can get the facts about savings and investing with a well detailed plan, you should be able to gain financial security over the years and enjoy the benefits of managing your income.
That is why I work with Evelyn Infurna, who introduced me to a better financial community, a validated organization where I learned how investing works and how to invest proficiently, as well as free books, courses, and daily lectures. You also get to meet new people, which was the best decision I ever made..
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I genuinely believe you deserve way more subs….very concise, well presented and informative video. Well done you just got another sub. 👍
Your perspective and representation of the data is always fun to watch. Thanks for the awesome content.
Thanks mate! Glad you enjoy this and the other videos
New subscriber (channel and podcast) and this is the best one I’ve watched so far.
Great blend of information, narrative and humour that’s really well produced.
Damo! Quality of your writing and videos have gone up another notch, bravo 👏🏻
This is why I enjoy your channel, the prefect balance of humour, memes and pure facts. Your video production just keeps getting better. Some very good points to think about in this one.
Thank you Oliver!
Another informative and insightful video. Thanks Damien. You are doing a sterling job!
Thank you, Damian.
Your analysis on this subject was very informative.
Wow! I would have never guessed.
the level of quality of this video both content and montage is astounding, and you're particularly clear, despite me not being a native english speaker. Glad the algorithm brought me to you!
Great video and fully nailed the outro 🔥🔥🔥
God I am so glad I found this channel. I always felt this way but have never heard anyone talk about it. Fantastic video.
Excellent video editing. You really are perfecting the art
Smashed it again Damian. Editing on top form, funny, informative and enticing.
Keep going 👏🏼
In the near future I’m going to buy a super like as this content is top notch.
Thank you so much! This sort of feedback is enough. I just want to make finance content that is unique and has its own style on the platform. So as long as I am doing that, that is what matters
The openings and ending sequence in this video was amazing. Absolute tune and great graphics!
Thank you 🙏🏻 glad you enjoyed it
Mate you are excellent. I’m surprised that your videos haven’t been suggested to me sooner by UA-cam. Keep up the great work
Awesome video bro! Incredibly interesting and eye opening, thank you
Great video, thanks for compiling all the data
Absolute banger - tune and vid 👌🏻
what an amazing video from the transition slides to the information
Nice to see that you used median income, average is such a skewed guidance
Very informative video!
Great editing on this one esp the ending ❤
That tune is an absolute banger! Keep using!.....
Fantastic video editing as always Damo!
Thank you Mike! I keep trying to improve so appreciate the fact you enjoy it
One of the best videos Damian, greetings from Venezuela ❤
amazing video, thank you
Great video Damo. Stark figures with so many variables. 👍🏻
Great video. One of your best. Love it.
Damo, mate another stunner of a video, so many great takeaways from this one too. That correlation between self employed to employed, the Irish GDP situation that people totally misunderstand was exemplified very well. Data is the key thing and I love it. It might be a bit selfish but I've always wanted to UK series where we look to break down its key issues and show with data, see what the real issues are, and maybe some ideas to improve. I think we in the UK maybe other countries in the Western world are struggling with where we are and a changing global economy, we need a vision.
Fantastic content, sir! Very insightful and engaging.
Brilliant video and I liked the pick of the song, £10 well spent. I like these new videos where you seem to have a more outward approach, a more philosophical look at the whole picture
Very impressive analysis. Great video.
I hope your clocking up the editing hours for all your videos Damo. That would be an interesting statistic in its own right lol. Thanks for a decent video and use of my limited time. Global median average wage lists can be manipulated so I always take them with a pinch of salt but nice to have an indication on where we stand in the grand scheme of things.
Completely agree Damien. The world's economy is skewed by outliers earnings in the top 1.2. The median earning calculation demonstrates that well. Appreciate the content.
Great video as usual Damien
I know that song because it is the song they play at my Bodypump classes during squats sessions, lol. It's a nice reminder to go to the gym!
Great editing on this one
Really great story telling, great structure and conclusion 👌 bravo
Thank you!
Excellent video.
So interesting self-employment is associated with being poor! Wow! Fascinating content as always 🤩 I’m going to start listening to Follow The Money as an audio book now too! Thank you 👌🏼
The book is great! Written by the director of the IFS i will be interviewing him on my channel
👍 thumbs up for tune selection
Thank you! Glad you enjoyed it
Great video as always Damien! As many have mentioned, the information about self employed is very interesting. From my point of view, the main difference is whether you are driven to do it (i.e. you have no other option and the result is probably below minimum wage) or you decided to do it on your own because you have a skillset for which the market pays more than your employer gives you.
Another interesting way to compare salaries would be to correlate them (or more like cleansed by) with Actual individual consumption (AIC) or Purchasing power parity (PPP).
I agree, it was touched on in the video but yeah the choice vs no choice aspect to self
-employment is key. "I've got a great business idea" vs "I'm facing barriers in all other options"
You have to do a re-upload I take it Damien. Your work is always worth watching more than once anyway sir !!
That was really good video. Furst time I have watched one of your videos
Thank you for a great video.
You are very welcome thank you for watching
Excellent presentation.
Thank you kindly!
Thank you for this video. Being self employed is hard! End off. Great 👍
The hardest thing i have ever done i think.
Working for others is also hard (trust me. I work in retail and I get a lot of abuse from both customers and management). The question is, do you want to work hard for others or do you want to work hard for yourself? Either way, you're going to be working hard.
@@Yutappy99 You are absolutely right! I have seen how rude people are to shops assistants, restaruantant attendants etc!
You have spoken Wisdom beyond the written page❤
Some video Damo! Well done! Do not let the system get you.👏👏
Thank you Lukas for just always supporting me
Love your videos
Epic intro! Love it 👍
Great video. Cheers lad ❤
Glad you enjoyed
I think its also important to think about the unpaid labour that happens, like domestic "jobs" child care, housekeeping etc.
Unpaid as in not given a wage. I'm not talking about the satisfaction of raising kids jesus.@@fredmercury1314
One of my favourite tracks recent with one of my favourite content creators? Wish I could like 100 times over
Good content.
Powerful one. Almost had me in tears! 😜
Awesome vid. Totally real. Thank you. Thankyou so very much. Its time to talk about ineqaulity.n
Nice track 👌🏼🔥🔥
Love it
sick video, great song
Thank you
Awesome job bro ❤
Thank you as always! ❤️
Ah the goat is the back 🙏🏾
You legend
It’s a complex topic. My friends who are self employed are wealthier than me because they pay themselves the minimum wage for tax reasons, and then if they want to make big purchases, they pay dividends. Also, they can write off expenses like car payments, repairs, meals out, phone bills, etc.
Yeah this is the benefit of and LTD structure, but they also then have the responsibility of Corporation tax and VAT
bingo. That's one reason why self employed are "paid less".
But they are also normally claiming back VAT and getting corporation tax relief. Having worked for accountants dealing with many self employed most of them are much better off than when they were employed. That can be both financially and also work/life balance. The problem is when dodgy employers force staff to become self employed to save themselves cash but don’t increase the amount they pay.
That’s exactly the point. My partner officially has less salary than I do - but in reality he makes every month at least double if not 3 times more.
It’s just the money we don’t access most of the time.
Mattafix - Big City Life…classic!
That intro edit tho 🔥🔥
Legend! Thank you for taking the time to comment about it.
@@DamienTalksMoney as a creator myself, I know that took timeeeee
No problemo Damo tehe! 🎉
Bro, the editing in the 1st 60 secs was top notch
Thank you! I had a bit of fun with this one.
Hiya Damo, just back from a couple months work, looking forward to catching up on some videos!
Hope you're well, mate ❤🍻
_"PED pop in performers, with a goal of peddling perfume..."_
Look what I've been missing! 😂
Top video 👌
Glad you liked it
I wondered if there was a copyrivht issue with the song you paid £10 for 😂 Glad the video is back!
Yes there has been mate but i didn't want to go into it... They claimed the video which meant i couldn't edit out the small mistake. So yeah just been a whole mess. On to the next one
@@DamienTalksMoney ah such a pain, glad it's all sorted now.
Really appreciate your videos and fine editing. Any advice on courses about editing etc ?
I've been self employed since I was 17. I would recommend it to no one. There is no turn off, no holiday, very little advantages.
The ending was 👌🏽
Great content! Feels like a >1m subs channel
This is such a cool video Damien! No one can say stats is boring ever again 😂
Thank you!
9:20 BRO you smashed it 😂😂, great video very informative
Had to be done haha
Smart lad, interesting analysis. Thanks for the eye opening remarks about self employment. It’s easy to feel downtrodden and depressed about the state of the working world but I ended the video feeling more privileged to have a 40-50k salary in the U.K.
Really glad i could help you reframe your view of your job. You are doing great on 40/50k!
Moving from the U.S. to the U.K. I was surprised how many people in the UK are self employed and then I realised- in the US if you are self employed you largely don’t have health care. In the U.K. your healthcare is largely independent of your employer.
I ❤ these videos. So informative, yet so damn funny! 🤣👏 x x
This is the feedback I love! Thank you
Hi Damien. Would it be interesting to compare jobs that are universal - say a behind the counter shop worker, working full time but take into consideration what the largest spend, possibly accommodation and what percentage that worker needs to divert to just keep a roof over their head. David, Galway, Ireland.
Instantly clicked like when you spoke about the "be your own boss" crap.
Well said.
Great Video
Thanks!
7:21 goals! 🙏
Subscribed when I heard ped popping performers with a goal of peddling perfumes 🔥
I appreciate the sentiment of being thankful, and am grateful for what I have. It's the upcoming decline that worries me
Amazing content, and raises the question of what does wealth really mean? Money, experiences, or flexibility?
I think you make a very good point and i think experiences and flexibility for sure but money facilitates both
Follow The Money is a fantastic book - I’ve bought multiple copies for others.
Never be complacent with what we have in the uk. In the last few years opportunities and rights have been taken away from us by our government.
Don't let the system get you down
Within UK, don’t forget the large amount of undeclared income by the self employed
Great video as usual Damien! Im in the medical field here... Makes me wonder if i should go back to india and start private haha!
Also, thanks to your videos i have started learning and investing - something i was also scared of since this is way out of the comfort zone of a medic! .. currently i am invested in the 80/20 vanguard lifestrategy funds, 2060 retirement fund and the FTSE 100 global cap index.
However i wanted to switch things up- since the 80/20 and 2060 retirement age funds have similar equity and bonds in it and the tracked performance has been similar and i probably dont need both. Was planning to switch either one off...and instead take a more DIY route - and invest in ETFs maybe the VWRL or emerging markets or VUSA...what would you suggest? ...which of the retirement or LS 80/20 do i shut ?
Cool stylish and substantial
You could do a video of salaries around the UK, it's mad to me NHS pay bands are universal around England (besides London) when living costs between places like Stoke and Manchester can be up to 20% different!