In the UK, one in 10 adults are saving no money at all while a further 21 per cent have less than £1,000 to draw on, a new report has revealed.
This is a financial strain even felt by even those earning over double the UK’s average salary.
“I don’t live that expensive of a lifestyle. I was lucky to get on the property ladder in 2010, with a flat that doubled in price within five years of me buying it. I was fortunate in that regard, but I’ve got bills and a mortgage to pay. Life is expensive.”
This life-altering financial toil is one he says is felt by nearly all of his peers and has resulted in many choosing to leave the country. “Many of my friends have moved to either Dubai or Monaco because they can’t afford to live in London anymore,” he explains.
“The people who are successfully [living independently] are people in banking,” he adds.
square SAVING AND BANKING How to build a savings pot from nothing - with one in 10 yet to save a penny
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A TimeOut study conducted in 2023 found that to enjoy a financially unburdened life in London, you need to be earning £79,524.
“When you’re self-employed, you don’t get annual leave and so I take limited time off because it costs money, even sickies cost money. It costs me around £300 to £500 a day,” he says.
*Andrew is given a false name due to consenting to speak to The i Paper under the agreement of anonymity
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