It's certainly not a necessity, but in my experience and observations it's a strong draw. Peer pressure, opportunity, and the pressures of the job (which makes

It's certainly not a necessity, but in my experience and observations it's a strong draw. Peer pressure, opportunity, and the pressures of the job (which makes you feel that you deserve a good time after all this hard work - work hard play hard) conspire to make it very hard not to indulge in an expensive social life when you're in a banking job. Some people will resist that and save up anyway. Usually those who resist the pull the best are those with young children - another major financial drain. I personally don't need £20m in the bank to feel financially secure, because I rely on my ability to earn more, and I account for that. £20m sounds about right if you want a very high likelihood of being able to retire on a perma-holiday for the rest of your life, though. I'd find that terribly tedious, myself, which is why I don't need anywhere near £20m!