I agree about the job satisfaction- I get way more job satisfaction working in a school than working in a lab (for example), even if the latter (with the qualifications I have) would be significantly better paid.
However, I do know young single teachers who are making difficult decisions- I used to live in Bristol, but I couldn't afford it on a NQT salary. Many of my teacher friends in that area have moved out, and our former schools are struggling for staff. Equally, some have moved into other industries because they would rather stay in the city.
The thing is, maybe teachers aren't struggling to pay their bills (although everyone's situation is different, and some are) but we are struggling to recruit teachers because the pay is low in comparison to other professions which require similar qualifications (degree plus post grad in most cases). The holidays aren't enough to attract people anymore, and certainly early career there is not so much spare money that people can e.g. go travelling all summer when they are an ECT.
So, I think we either pay more or accept a lower standard of education for our young people. I believe really strongly in high quality education for everyone, therefore I think a pay increase is needed.
(or a workload reduction, maybe, but that is much harder to quantify and enforce).