A recent BBC documentary fronted by father and son TV presenters, Dan and Peter Snow, revealed that more people in the UK could be struggling financially as the gap between rich and poor ever widens. In the programme, What Britain Earns, the two presenters lifted the lid on a long-standing taboo and discussed what different professions earn. The main revelation was that the majority of the UK subsists on a relatively low salary, with 6m on the lowest pay bracket of less than £10,000 per annum. Debt management is a major concern however not just for those on the bottom rung of the pay scale. The average UK salary is £24,907; however the TV show revealed that two-thirds of the population still earn under the national average.

Debt management – Getting on top of your income

The cost of living is now high and home ownership in particular is simply unattainable for many on low incomes or below the national average. But debt management is a primary concern for those on a middle-bracket income. According to the programme to be in the top 10% of earners, you need to be on a salary of just £46,000. According to the BBC, the average cost of property is £230,474, with a detached costing £353,096, semi-detached £206,054, terraced £183,410 and a flat at £206,048. To maintain mortgage repayments, even if you are one of the top 10% of earners is clearly a major outgoing, and you would need to take out a mortgage over four to five times your salary if you had no other shared income or assets. Debt management plans therefore can be crucial for those who have had to over borrow to get on the property ladder or to upgrade their property.

What Britain Earns

The TV show revealed some surprising fact such as a pole dancer and RAF pilot being on the same pay scale of £30,000 to £40,000. But farmers' fortunes have dropped to £10,000 to £20,000 putting them in the same pay bracket as cleaners, mortuary assistants and checkout staff. Bin men and vicars earn the same (£20,000) and if you want a really lucrative career, the presenters Dan and Peter revealed their pay bracket was around £75,000 to £100,000 per year. Peter Snow said: "It's the extremes that I think are the most surprising. Twenty percent of workers in the UK earn less than £10,000 a year."  Surviving the expense of the modern world on the national average or below means more of us than we might think are in need of debt management solutions.

Debt Management Solutions with Varden Nuttall

Varden Nuttall has been established for over 15 years and is dedicated to helping people in financial difficulty find a debt management solution through an Individual Voluntary Arrangement (IVA). Employing 90 people, including trained and skilled IVA administrators, we are one of the largest IVA companies in the UK and handle over 3% of all IVA applications. To find out more about the company, or to make an appointment to talk about putting an IVA in place, call us today on 0800 031 9802 or fill in our online enquiry form.