Average salaries/Lifestyle in your 20s

MotherOfRatios · 2023-12-30T20:21:37+00:00

Following on from the thread for 30/40s any people between 20-30 want to join in one for us in our 20s? But as a Black woman in my mid20s, I’m finding a lot of people on MN are older and often don't give their racial background so it less relatable. For those in their 20s, what is your financial situation looking like? In terms of savings salaries etc I'll start Salary £49k, I work in the public sector in public affairs I pay 5.45% into my pension (CS pension) Savings £15k trying to buy in London and I put £600 away, just bagged a cheaper rent for £800 so I can save more. But I dream of my own space! £30 into Monzo investments a month. goals To do shared ownership in London, and I'd like to be going for a manager role this time next year. Over to you

whereisthe · 30/12/2023 20:25

£6000 roughly salary
£4000 saved
I rent and can't save anymore obviously.
I have a daughter aged 2
I struggle a lot but I'm still happy

Well done to you, you've achieved a lot it sounds

jennymac31 · 30/12/2023 20:41

@MotherOfRatios - I just spotted your thread following on from the thread for 30/40s. It's interesting you've observed that a lot of people on MN often don't give their racial background. I've posted a few responses to the thread for 30/40s and didn't think to reference my racial background (I'm a black woman).

cantsleepinbed · 30/12/2023 20:46

Unemployed. Applying for jobs currently. Finishing a degree in May.

No pension. No savings. Some debt, credit card, loan, Overdraft, probably just under 20k. Have let it spiral. Plan to sort in 2024 once I've found job.

Mortgage of 140k. 3 bed terrace south east.

1 kid.

And I'm white, BTW.

cupcakes12blossom · 30/12/2023 20:49

I just wanted to say well done! I'm a white female earning only a bit more than you, but so much older and buying by myself..

When married, we did shared ownership and it worked for us no matter the horror stories

Good luck x

febbabies2023 · 30/12/2023 20:57

29 - white female if that makes any difference

Salary - currently £46k due to go up in 6 months and when I fully qualify in 2 years (hopefully) up to 60/70k
Savings - collectively with my partner about 17k
House - we bought a house 3 years ago a few months after our first child. 3 bed new build semi.

We now have 2 children both who are in full time nursery and it's costing a fortune so savings may not go up all that much in the coming 10 months

Goals
Qualify fully in my current job role
Travel more with the children
Hopefully buy a bigger house - I'd like a home office / spare room & a utility

febbabies2023 · 30/12/2023 20:59

I should add that my partner has a great income too (85k) so lifestyle wise we are comfortable and don't really go without

We both grew up without money, myself especially.

YouJustDoYou · 30/12/2023 21:00

I was on max of £20k before taxes per year. No chance of earning any higher due to life circumstances.

AUDHDVET · 30/12/2023 21:03

25 yo in the North
34k salary
£20k savings

AUDHDVET · 30/12/2023 21:06

Should have added I’m white and my goal is to buy this year. My partner has over £50k saved so hoping for a house in the 200-300k bracket

Original poster

MotherOfRatios · 30/12/2023 21:07

jennymac31 · 30/12/2023 20:41

@MotherOfRatios - I just spotted your thread following on from the thread for 30/40s. It's interesting you've observed that a lot of people on MN often don't give their racial background. I've posted a few responses to the thread for 30/40s and didn't think to reference my racial background (I'm a black woman).

I recently did a piece of work racial studies pay gaps and that's why I think it is so important as it been opened up a discussion and even amongst my peers at my age, I am still paid less than them.

I come from the charity sector which tends to be very white and middle-class, and it's that way for a reason.

OP posts:

Original poster

MotherOfRatios · 30/12/2023 21:09

cupcakes12blossom · 30/12/2023 20:49

I just wanted to say well done! I'm a white female earning only a bit more than you, but so much older and buying by myself..

When married, we did shared ownership and it worked for us no matter the horror stories

Good luck x

Thank you
It's not ideal, and it's not something I want to do, but I am fed up of renting in London and I won't be able to afford to buy without s/o until I earn £60/70k which is a head of department for me, and most heads of departments tend to be late 30s. I don't think my mental health can take house sharing for that much longer.

OP posts:

Original poster

MotherOfRatios · 30/12/2023 21:11

febbabies2023 · 30/12/2023 20:57

29 - white female if that makes any difference

Salary - currently £46k due to go up in 6 months and when I fully qualify in 2 years (hopefully) up to 60/70k
Savings - collectively with my partner about 17k
House - we bought a house 3 years ago a few months after our first child. 3 bed new build semi.

We now have 2 children both who are in full time nursery and it's costing a fortune so savings may not go up all that much in the coming 10 months

Goals
Qualify fully in my current job role
Travel more with the children
Hopefully buy a bigger house - I'd like a home office / spare room & a utility

Being on this website has totally opened my eyes at the cost of childcare

OP posts:

buckingmad · 30/12/2023 21:11

White female 29, a 2.5 year old and pregnant with second. Married.

degree and professional qualifications earning £40k full time (but work 3 days). Took a pay cut for better work life balance whilst family growing. In a middle manager level role hoping to progress to senior management/pathway to partnership in the future. Or maybe set up on my own once children are less demanding!

Own 2 rental properties with about 50% equity in both with husband.

I put 5% into pension but only got about £20k so far. Then maybe another £20k in savings. Apart from student loan and mortgage i have no debt, bought car outright.

lpedhslt · 30/12/2023 21:13

Interesting OP, if this was a more mixed forum in terms of sex I'd definitely want to know if a poster was male or female when disclosing salary, as well as age, as we know the impact that has, so I understand the interest in race too.

To answer the actual thread for what it's worth, I'm not 20s any more but I was on much less, I had children young mind (early 20s) and didn't get to £50k until early 30s, mid 20s I was on about £24k I think, essentially in a training role whilst doing a postgrad. I'm white.

lpedhslt · 30/12/2023 21:14

Just to say don't lose hope on the salary, I'm CS and got to grade 6 by 35 despite having a slower start as I just stated, so if you're already the equivalent of G7 by mid 20s I'd say you're flying.

Greenbriar · 30/12/2023 21:18

Found this interesting recent article about average UK salaries by age group, sex, location, occupation and education level

On average, it seems earnings peak for people in their 40s

https://www.forbes.com/uk/advisor/business/average-uk-salary-by-age/

Original poster

MotherOfRatios · 30/12/2023 21:25

lpedhslt · 30/12/2023 21:14

Just to say don't lose hope on the salary, I'm CS and got to grade 6 by 35 despite having a slower start as I just stated, so if you're already the equivalent of G7 by mid 20s I'd say you're flying.

I am in an ALB which pays better, so I am the equivalent between an SEO and a G7. Our grades are odd. I don't think I could do central government with the current government.

OP posts:

lpedhslt · 30/12/2023 21:36

@MotherOfRatios my point stands, but think your comment is a little unnecessary and perhaps unintentionally judgemental, if you work in or near the sector you know civil servants have to be impartial, my politics don't come into the role. If civil servants only served the party they supported it would create huge bias and an even higher turnover of skills than we already have, and would likely result in even more white, middle class men. I'm in a sort of safeguarding role, I ensure the government is held to account for the policy they enact in my specific field, I can assure you working for the government we have right now only motivates me more to ensure an ethical approach, not less.

Original poster

MotherOfRatios · 30/12/2023 21:38

lpedhslt · 30/12/2023 21:36

@MotherOfRatios my point stands, but think your comment is a little unnecessary and perhaps unintentionally judgemental, if you work in or near the sector you know civil servants have to be impartial, my politics don't come into the role. If civil servants only served the party they supported it would create huge bias and an even higher turnover of skills than we already have, and would likely result in even more white, middle class men. I'm in a sort of safeguarding role, I ensure the government is held to account for the policy they enact in my specific field, I can assure you working for the government we have right now only motivates me more to ensure an ethical approach, not less.

Of course it's about impartiality but we all have our limits like the CS who refused to work on the Rwanda policy.

OP posts:

Baffledandalarmed · 30/12/2023 21:49

Just turned 30. So a month ago;

Salary; 55K(ish) - been a weird year!
Job; Public sector
House; owned solo (worth £350K)
Savings; £10K + 500per month + investments.

Goals; Retire early. Been working since I was 16 (including evenings and weekends), so would love to be retired by 55

Stressedoutforever · 31/12/2023 14:55

I posted on the other one but I'm in my 20s

27, married with two under two
Income- 16k for me (2 days a week) FTE 42k
Household income 85k

Mortgage- £740 a month, 3 bed semi bought in 2018

Savings- 15k between me and my husband

Biggest cost for us is the nursery bill (£1050 a month) so this will gradually go down and we hope to move in the future. Not hugely well off but enough that we aren't stressed about money.
I chose to return to work as I was bored of being home, the nursery bill almost wipes out my entire wage.