'I earn £100K but I'm not rich' - Life as a HENRY in London
Meet Jack Kim, the 28-year-old strategy consultant who is raking in £100k a year but still does not feel flush with cash. He is what is known as a HENRY - high earners not rich yet.
Jack is among the young high-flyers in the UK's top 10 per cent of earners, yet he says he is far from rich after bills, taxes, and the dreaded lifestyle inflation take their toll.
The Salary Calculator breaks it down: before any deductions, Jack's take-home pay is £68,557.40p annually, or £5,713.11 monthly. His contributions to the taxman and National Insurance amount to £27,432 and £4,10.60p respectively each year.
Residing in a London zone two location, Jack's two-bed pad – costing £550,000 – sets him back £2,630 a month on the mortgage alone, not to mention council tax, £420 on household bills, £250 on food shopping, and £400 for social outings, leaving him feeling anything but wealthy.
In response to the soaring cost of living, Jack has had to tighten the purse strings, swapping his weekly Marks & Spencer shop for Sainsbury's, trading lavish Asian getaways for modest European weekends away, and ditching Gymbox for the more wallet-friendly Pure Gym. Despite his hefty income, Jack says he feels the pinch just like the rest of us.
Jack from East London said: "Even though I'm on a six-figure salary, I don't feel rich at all. Everyone knows living in London is extremely expensive.
"It comes to four main things - higher tax rate for people on six-figure salaries, higher living costs, lifestyle inflation, and debt. As income rises, so does your lifestyle.
"I don't wear flashy, high-end clothes or own expensive watches, I opt for high street brands like Uniqlo. We try and live below our means by limiting eating out once a week at a good quality restaurant.
"Other than a drink at special occasions like weddings, I don't drink alcohol, which is very expensive. We feel the cost of living just like anyone else. I don't feel upper-middle class."
After completing his education at the prestigious London School of Economics in 2019 with both bachelor's and master's degrees in management, Jack embarked on his career with a starting salary of £21,000, which quickly rose to £45,000, allowing him to save for a property deposit.
Jack explained their strategy for saving for their home: "We collectively needed roughly £82,000 for a deposit, and we did that in two years with some help from our parents.
"It meant we stopped eating out and primarily cooked at home. During that time, it was Covid which did help because it meant we weren't spending as much or travelling at all."
In December 2021, Jack and his partner achieved a significant milestone by purchasing a two-bedroom property, attributing their success to their combined incomes and personal drive: "Being on a combined income helped us for sure, but alongside our own drive and determination.
"I can only imagine how hard it is for young people to get on the property ladder now, especially if they're single and doing it alone. Affordability and the goalpost for a mortgage have changed - even in the last four years.
"It's not affordable to get a mortgage these days - unless you have generational wealth. Growing up, my family and I were considered a lower-income family. From the ages of seven to eight, my mum, dad, brother and I lived in a studio flat in Seoul, South Korea.
"Since gaining my education and career in London, I'd say as a whole, my family are middle class. But we certainly don't feel it in the grand scheme of things. I don't have an expensive watch or a car.
"No luxury yacht, or Monaco or St Moritz holidays like my friends who are bankers. Consulting is an industry where you can see fast income growth. Even though my income has increased, our lifestyle hasn't changed that much."
Breakdown of Jack's monthly outgoings.
Mortgage and council tax: £2,630
Utilities: £450
Food shopping: £250
Travel costs: £100
Savings/investments: £1,500
Going out: £400
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