Thread: Budget 2021
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Old 27-10-2021, 21:42   #6
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Re: Budget 2021

Quote:
Originally Posted by Carth View Post
They should remove the top and bottom 10% of earners, then recalculate an average . . or do they do that already?
When they say "average", they mean "median", which is more representative.

https://surveymethods.com/when-is-it...ian-over-mean/
Quote:
Median can play a major role in things like income level research as well, because a few millionaires may make it look like the socio-economic status of your sample is higher than it really is.

Whenever a graph falls on a normal distribution, using the mean is a good choice. But if your data has extreme scores (such as the difference between a millionaire and someone making 30,000 a year), you will need to look at median, because you’ll find a much more representative number for your sample.
If you look at the ONS website, it shows this…

https://www.ons.gov.uk/employmentand...dearnings/2021
Quote:
Median weekly pay for full-time employees was £611 in April 2021, up 4.3% on a year earlier; this growth is the highest since 2008.
Across all jobs, median weekly earnings in April 2021 increased by 5.3% from a year earlier on a nominal basis; when adjusted for inflation, they increased 3.6% in real terms over the year; between April 2019 and April 2020 they remained unchanged in nominal terms and decreased by 0.9% in real terms.
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