Naturally, they will be in a position to enjoy many of life’s luxuries, such as more foreign travel, newer cars and more disposable income in general.

They will be able to look forward to three weeks of European holidaying every year, a two-year-old car replaced every five years, a budget up to £1,500 for new clothing, a £56 weekly shop and increased generosity when it comes to gifts, where there will be room for a £50 birthday present.

About one in six employees are projected to enjoy this income level, the PLSA said.

However, on the other end of the spectrum, those on a minimum income will have to live far more frugally.

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