Need to earn more than £37,000 to live London

Need to earn more than £37,000 to live London
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Every round you buy at the bar makes your eyes water, and the tube alone costs an enormous amount of money.

However, recent studies have pinpointed the precise income required to maintain financial stability in the capital.

The golden number? A whopping £37,000.

That’s around the average salary of a regional sales manager, nurse or firefighter, in case you were wondering.

That’s also over £2,000 more than the average UK salary (which stands at £34,963), and is above the official London ‘living wage’, which is £13.35 an hour (£4 an hour less than what experts estimate is an actual liveable wage in the city).

Money experts at Finder, who worked out the figure, also say that we should spend 40% of our salaries on rent, which for a £37,000 gross salary, would equate to about £921 per month.

For that, you’d be looking to rent a room in a house share, such as this double room in Clapham Common or this cosy balcony room in Walthamstow.

Finder calculated the suitable salary by working backwards – first creating a realistic budget for Londoners.

Their research found that utilities, council tax, subscriptions and transport would make up 21% of the budget, which they say adds up to around £498. And groceries would also be about £166 a month.

Budget for Londoners earning gross £37,000

  • Rent – £921
  • Transportation – £200
  • Groceries – £166
  • Utilities – £133
  • Council Tax – £63
  • Eating out – £173
  • Holidays – £176
  • Saving – £239
  • Health & Fitness – £51
  • Subscriptions – £102
  • Discretionary drinks & snacks – £115
  • Clothing – £32

Total – £2,371

However, being financially stable is very different to how much cash you need to be happy.

And it turns out, it’s going to cost you a whole lot more than £37,000. And we mean a lot more.

Research conducted in September last year found that you need a staggering £79,524 a year to be happy in London – which only the top 10% of earners in the capital make.

Imperial Hospital Sylhet

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Daily Dazzling Dawn is the first and only international and non-profitable newspaper, which is 100% ownership of professional journalists from Bangladeshi origin with 20 years of experience in global journalism. The main aim of the newspaper is promoting ethical journalism with truth, accuracy and proficiency.

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Dulal Ahmed Chowdhury

Dulal Ahmed Chowdhury is the Editor of The Daily Dazzling Dawn. Previously, he has been serving in important positions in all the famous national dailies of the Bangladesh since the nineties. He has played a commendable role in journalism by participating in various events at the national and international levels. United Nations Conference, World Climate Conference, SAARC Summit are notable among them.

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