July 25, 2019 6:57 am Written by

Who Knows How Much I Earn?

There are some things in life we like to keep to ourselves, and one of those things seems to be our money; in particular how much we earn.

We do not sit around at parties and social gatherings discussing how much money we make, how much money we have in the bank, or really money in a personal tone at all.

A slight digression: In writing this I was discussing the topic with someone I now who works for one of the largest employers in the UK, let’s just say…..the government.

They said that everyone in their office knows how much they each earn as their annual salaries are common knowledge.

And that on payday everyone is printing out their wage slips, as they do not have access to them outside of the office computers, and some times people grab the wrong wage slip, or there are multiple wage slips being printed out and anyone can view them.

I found that odd, and also the opposite of what I am discussing here.

Digression over.

The point is that for many of us, our incomes are kept out of view, we do not tell people how much we earn, and for some, they may not even know how much they earn from month-to-month as they may be paid hourly, or work different shifts, hours, and rotas each month.

Not knowing how much you will earn each month, makes budgeting difficult.

So to answer the question, who knows how much I earn? The answer(s) can be the following:

* Our employer(s)


* A lender or bank if we apply for a loan

* Anyone we decide to share that information with

The reality is that it can be a large list of those who know our income. Maybe more than we realised.

And there are various reasons why those on this list may know or want to know our incomes.

* Employer(s): As they are the ones who pay us, and set the rate of pay for the job we do.

* HMRC: As they are the ones we pay taxes to, so unless we have a “cash-in-hand” job or earn money on the side, the tax man knows what we earn.

* A Lender: If we are asking for a loan, lenders need to do affordability checks to insure we can repay the loan. For some loans such as guarantor loans, and for any loan, affordability tests must be done to show you can afford to repay the loan.

Using guarantor loans as an example, the only two requirements for the loan is affordability and having a guarantor.

As for who else you may share your income details with, that is your choice.

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