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Graduates in London should be starting on £80K now. After putting some contributions away for retirement that "decent senior" on £80K might just about be able
by nly 4y ago
Graduates in London should be starting on £80K now.
After putting some contributions away for retirement that "decent senior" on £80K might just about be able to buy a 1-2 bed flat in a soulless development in an "OK" part of London, but definitely not a family home.
A graduate? Min 10% in to a pension (if aged 20), student loan, and they're only taking home £3.8K/mo. £2K/mo for rent is easily spent on a 1 bed furnished flat now, plus cost of living... might be OK, but hardly living like Gordon Gekko.
- mmarq 4y agoYes, the cost of living is extremely high, and you haven't considered the cost of childcare, school and healthcare (the NHS has never been great, but it went AWOL since the lockdowns). In London either you make in excess of 150K or you’d be better off working as a janitor in a random continental European country. Add 50K for each dependant. And I’m not sure it’s worth moving to London with a 200K salary if you don’t have 200K in your bank to pay for a deposit on a flat. I wouldn’t wish renting in the UK on my worst enemy.
- nly 4y agoSlightly exaggerated, but I agree with the sentiment.