Median vs Mean Income: What’s the Real Picture?

Why does the median income matter more than the mean? In this video we unpack the crucial differences between median and mean income—a must-know topic for Economics students!

We’ll explore:

✅ The difference between median and mean income and why they don’t always tell the same story

✅ UK income data (2023-2024)—what are people actually earning?

✅ How high earners skew the mean, and why the median is often a better measure of typical income

✅ The role of income distribution and inequality in shaping economic policies

✅ Why understanding this distinction is crucial for exam success

This topic is essential for anyone studying A-Level, IB, or GCSE Economics, especially when tackling labour markets, income inequality, and economic data interpretation.