Page 3 | What’s a ‘good salary’ these days?

Falalaalalalalaaaah · 2024-12-09T21:01:02+00:00

inside and outside London? When I was younger, I always thought 50k+ was a ‘good salary’, finally made it up there and I feel money slips through my fingers faster than when I earned half that. dont get me wrong, high interest rates, inflation and cost of living, children and lifestyle inflation have all played a role. But it got me thinking, as the term ‘good salary’ is used quite loosely, what do people mean with that broadly? And what’s the difference inside and outside London. disclaimer to say I’ve worked In London, but never lived in London.

Wheelyfast · 09/12/2024 22:32

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Icanttakethisanymore · 09/12/2024 22:32

Crushed23 · 09/12/2024 21:22

It depends.

As a single person living in London, and all the 'single person tax' that goes with it, I didn't feel comfortable until my pay reached ~£85k.

I now live in an even more expensive city (hard to fathom, I know) and I would not have moved here for less than the equivalent of £150k p.a.

Hmmmm… HK?

walkdlg · 09/12/2024 22:33

£50k has for a while felt like 'good' to me, though appreciate it's changed a lot the last few years. I'd probably view six figures as 'high'. I think it depends on what the role is as well, I think it's mental the level of responsibility some people have for relatively low sums of money in the public sector.

ISeriouslyDoubtIt · 09/12/2024 22:34

Falalaalalalalaaaah · 09/12/2024 22:22

I think perhaps good and high aren’t the same thing because actually 35k is above average (by your own reference point) and someone could consider that good. Whereas I think 75k mark is a high salary.

i live in a city and im 55k and dh 58k both in finance. I’m not saying that they are good or high (actually I don’t feel they are high) but I dont know many other friends who are on comparable incomes

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The problem is you've asked for people's opinions on what a "good" income is, but as shown by the replies, it's extremely hard to define what that means.
Does good mean £1 more than the average or is it higher than that? I can't see that if the average salary is £34k that good starts at £35k, it's got to be more than that. £35k is average, median, fair, reasonable, but not good.
You think high means £75k and above, whereas I would say an individual earning over about £125k was high.
But others will have different views so there's no way of saying who is right.

Original poster

Falalaalalalalaaaah · 09/12/2024 22:39

cantpullthetrigger · 09/12/2024 22:30

If a graduate can come straight out of university at 21 yrs old and be offered a certain starting salary, then in my mind earning any less than that is not what I'd personally consider a 'good' salary.

That'd be my benchmark but I can see there is already a wide range of expectations.

Most grad roles though aren’t paying 35k

mine for instance paid 25k

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MotherOfRatios · 09/12/2024 22:39

HPandthelastwish · 09/12/2024 22:22

@MotherOfRatios but the vast majority of jobs pay no where near that amount.

I work in the public sector and obviously some of our conditions are better than the private sector but £70k is a:
Chief inspector in the police
Senior leader in a school on L20
Band 8 nurse with 5 years at that level
Deputy Director in the Environment Agency

How can you possibly think everyone should aim for that salary when there are so few jobs?

I also work in the public sector and everytime my union is asking for pay rises we have people saying we're asking for too much? There's a culture in the uk of just accepting low pay.

We should all be paid more in current jobs.

Rocksaltrita · 09/12/2024 22:40

I wouldn’t worry about those saying £35K is rubbish. So many people lie on here about their incomes 😂 Sure, some earn loads but not everyone is who they seem! What I would like to see is the £50K+ higher tax rate boundary changed to around £80K. That would make a tangible difference. Surprised that’s not been mentioned on here already.

Original poster

Falalaalalalalaaaah · 09/12/2024 22:40

walkdlg · 09/12/2024 22:33

£50k has for a while felt like 'good' to me, though appreciate it's changed a lot the last few years. I'd probably view six figures as 'high'. I think it depends on what the role is as well, I think it's mental the level of responsibility some people have for relatively low sums of money in the public sector.

Same, it feels less good now though

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Femme2804 · 09/12/2024 22:40

Falalaalalalalaaaah · 09/12/2024 22:04

You’ve got quite a low mortgage for your income (obviously don’t know what your husband earns).

I felt rate shock… big time, my monthly payments went up by £550 a month

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Yeah. We are lucky bought the upper fixer 15 years ago cheap price. We put big down payments because DH sold his house abroad. With house market these days its impossible to get cheap houses anymore.

MotherOfRatios · 09/12/2024 22:42

cariadlet · 09/12/2024 22:28

@MotherOfRatios - I didn't see your reply to my original post (I was typing while you posted it). Sorry!

My second post was unnecessarily harsh because I found the tone of @Wheelyfast's quote tweeting rather annoying and I wrongly took that out on you.

I wasn't offended by your spelling mistake per se. It irritated me because you're clearly a very high earner who seemed dismissive of a fairly average salary. I earn about 5k more than the 35k you seemed to look down on and I feel well paid. A basic spelling mistake by someone in that situation and with that apparent attitude irritated me more than it would have in other circumstances.

I shouldn't have been an inverted snob. As you said, we all make typos.

I've made it clear there's nothing wrong with earning £35k but these salaries are low and we should be joining unions and fighting for better pay. I don't look down on anyone earning less than me about 5 years ago I was earning £23k, again a low salary.

MotherOfRatios · 09/12/2024 22:43

Rocksaltrita · 09/12/2024 22:40

I wouldn’t worry about those saying £35K is rubbish. So many people lie on here about their incomes 😂 Sure, some earn loads but not everyone is who they seem! What I would like to see is the £50K+ higher tax rate boundary changed to around £80K. That would make a tangible difference. Surprised that’s not been mentioned on here already.

Fiscal drag is an issue but salaries just haven't kept up with inflation post 2008

Original poster

Falalaalalalalaaaah · 09/12/2024 22:44

ISeriouslyDoubtIt · 09/12/2024 22:34

The problem is you've asked for people's opinions on what a "good" income is, but as shown by the replies, it's extremely hard to define what that means.
Does good mean £1 more than the average or is it higher than that? I can't see that if the average salary is £34k that good starts at £35k, it's got to be more than that. £35k is average, median, fair, reasonable, but not good.
You think high means £75k and above, whereas I would say an individual earning over about £125k was high.
But others will have different views so there's no way of saying who is right.

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And 100-120 is where tax really hits you hard isn’t it.

yeah guess if you define good as above average.

the more I’m reading the posts and replies I think good salary is a loaded term

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Original poster

Falalaalalalalaaaah · 09/12/2024 22:47

Rocksaltrita · 09/12/2024 22:40

I wouldn’t worry about those saying £35K is rubbish. So many people lie on here about their incomes 😂 Sure, some earn loads but not everyone is who they seem! What I would like to see is the £50K+ higher tax rate boundary changed to around £80K. That would make a tangible difference. Surprised that’s not been mentioned on here already.

Yes, definitely. This ^^

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User135644 · 09/12/2024 22:48

HPandthelastwish · 09/12/2024 22:22

@MotherOfRatios but the vast majority of jobs pay no where near that amount.

I work in the public sector and obviously some of our conditions are better than the private sector but £70k is a:
Chief inspector in the police
Senior leader in a school on L20
Band 8 nurse with 5 years at that level
Deputy Director in the Environment Agency

How can you possibly think everyone should aim for that salary when there are so few jobs?

A middle management job in a lot of the civil service/public sector is barely the average UK wage.

Mumto32022 · 09/12/2024 22:51

I think it depends where you live and whether you have a partner that also works.
me and my partner earnt a joint income of 120k last year in NW England. I feel like that is a good wage for where we live. However I think everyone always feels like they could do with more money.

Blinky21 · 09/12/2024 22:52

Surely the question is what's a good disposable income, as the rest is relative? Our household income is about 130k and we don't live in London have a small mortgage and don't have any kids so feels like a good income. If we had a home in London and four kids it would feel very different

Zebedee999 · 09/12/2024 22:56

Mrsttcno1 · 09/12/2024 21:10

I think it depends on what you classify as good & your lifestyle, but I also do think the more you earn the more you spend because you just adjust your lifestyle accordingly so it often doesn’t actually feel like you have much extra money.

E.g. If you earned 25k and had a 100k mortgage, your meals out were a McDonalds and you had a 7k car on finance, then went onto 50k and kept that 100k flat, the same meals out and the same car, you’d notice you had a lot of extra money. But what actually happens is your salary increases to 50k so you decide actually I can afford a nicer/bigger house now, so now you have a 200k mortgage, you’re on more money now so instead of McDonald’s it’s Nando’s, and you can afford a nicer car so you trade in your 7k finance for a 20k finance. Suddenly actually you have no extra money.

As your wage increases you tend to change your lifestyle accordingly, even almost accidentally sometimes.

I also think it depends if you’re single/have a partner and kids. I’d say 50k is a decent salary but if it’s the only salary supporting a household plus a couple of kids then it won’t go far, whereas if you have a partner and both earn 50k then 100k household income makes a huge difference.

Spot on. The key to a care free low stress life is to keep your outgoings as static as you can whilst you (hopefully) improve your income.

i.e Don't upgrade to a bigger house/car just because you can afford it. Don't feel the need to eat at better places just because you can. Challenge every thing you intend to buy as to whether you need it... or just want it.

I sometimes read on MN women with 6 figure incomes sinking financially; I can only assume they have overstretched themselves.

allthatfalafel · 09/12/2024 23:03

Falalaalalalalaaaah · 09/12/2024 21:20

I’m seeing the same thing, well not twenty years ago but same as they used to pay 6+ years ago

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maybe in the public sector, I started my private sector business 7 years ago and entry level roles that were 16-18k then are at least 28k now plus people demand lots of extras on top

allthatfalafel · 09/12/2024 23:04

Zebedee999 · 09/12/2024 22:56

Spot on. The key to a care free low stress life is to keep your outgoings as static as you can whilst you (hopefully) improve your income.

i.e Don't upgrade to a bigger house/car just because you can afford it. Don't feel the need to eat at better places just because you can. Challenge every thing you intend to buy as to whether you need it... or just want it.

I sometimes read on MN women with 6 figure incomes sinking financially; I can only assume they have overstretched themselves.

Show quote history

It's because people are conditioned to see their salary as an adult version of pocket money - how much they have to spend rather than how much they have.

TammyBundleballs · 09/12/2024 23:05

HPandthelastwish · 09/12/2024 22:22

@MotherOfRatios but the vast majority of jobs pay no where near that amount.

I work in the public sector and obviously some of our conditions are better than the private sector but £70k is a:
Chief inspector in the police
Senior leader in a school on L20
Band 8 nurse with 5 years at that level
Deputy Director in the Environment Agency

How can you possibly think everyone should aim for that salary when there are so few jobs?

Public sector pay is appalling though so those comparisons are pointless.

There are far more 100k+ jobs in the private sector than you might think. I earn more than the Prime Minster and I’m not even in the top 20 earners at my medium sized private sector firm and am by no means a high flyer.

Having said that I do think that the difference between high and low salaries is less than you might think. For example a couple earning 38k each with a child in nursery are in the same financial position as someone earning 125k.

Original poster

Falalaalalalalaaaah · 09/12/2024 23:09

allthatfalafel · 09/12/2024 23:03

maybe in the public sector, I started my private sector business 7 years ago and entry level roles that were 16-18k then are at least 28k now plus people demand lots of extras on top

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I work in the private sector too

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smellsfishy · 09/12/2024 23:14

It depends on your living arrangements and if you have DC.

DS is early 20s, living in a house share with several others in a medium sized commuter town outside of London and earns 35k. After rent, food, bills, tax, student loan etc there really isn't very much left for going out / clothes / train fares to see his GF or a holiday fund. It's enough to live. For him 50k would be good & allow saving / a few extras. But he's young & doesn't have the responsibilities of mortgage / kids.

MidnightMeltdown · 09/12/2024 23:58

I think it depends on the definition of 'good'.

Good can mean 'able to afford x y z'

Or

Good could mean 'more than most other workers'

Going by the second definition, if you earn 45k then you are in the top 25% of earners - so technically, 45k is a 'good' salary.

65k puts you in the top 10%, so that would be an 'excellent' salary.

They probably don't feel particularly 'good' or 'excellent' though. Mainly because costs like housing and childcare are hugely out of sync with salaries.

Notmefornow1 · 10/12/2024 11:34

Household income £140k. But massive mortgage, 3 kids and around 3 activities each to pay for. We are comfortable and don't have to watch money for eg the weekly shop, and have a fairly extravagant Christmas and one decent summer holiday but we don't eat out, go skiing, have weekends away, go to concerts or even really go out much. Our disposable cash for clothes and socialising feels low but it's an expensive time of life with the mortgage and kids so hopefully we will feel rich at some point, just plugging away for now. Solidly middle class I guess.

Notmefornow1 · 10/12/2024 11:36

Another random huge cost that affects us and probably others on here is the huge cost of a train ticket if you commute to London. It's like £800 a month or something DH pays.

What’s a ‘good salary’ these days?

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