Man, 27, earning £130k a year says he still feels ‘broke’

The London consultant says his six-figure salary doesn’t make him ‘financially secure’

A man who is earning £130,000 a year claims he feels ‘broke’ living in London, and despite his substantial salary, he’s only managed to save up £10,000.

Principal manager consultant Jaqs Nelson, 27, from Bromley, London, earns more than triple the UK’s average full-time wage but reveals he spends around £6,000 of his typical £7,000 monthly income.

Jaqs spends £3,000 on his mortgage and bills for a three-bedroom property – with his remaining earnings typically going on Uber and Deliveroo.

He explained this leaves minimal scope for saving – and maintains that the £10,000 he has tucked away doesn’t make him ‘comfortable’.

However, Jaqs is now building his investments up to reach £100,000 within the next two years by depositing £3,000 monthly into his stocks and shares ISA and premium bonds.

He anticipates hitting that target through his contributions and investment returns.

Jaqs argues the reality contradicts the notion that anyone on a six-figure income is automatically financially secure.

He considers himself a HENRY – High Earner Not Rich Yet – given he has restricted savings which Jaqs says would only sustain three months of living expenses if he loses his employment.

Jaqs said: “I think even though you can have a high income, living in London is quite expensive.

“I got paid today but yesterday I was looking at my expenses and just on my fixed expenses, it was £3,000 for my mortgage, bills, Wi-Fi and everything.

“I didn’t go to university, so I don’t have any student loans deducted from my paycheck. I do spend a decent portion on date nights, a top notch gym membership and a surprising amount on Deliveroo.

“When you add up everything else, that leaves a grand, a grand and a half on a good day. On £130,000, that’s how much I have to deal with, so I cannot imagine what it’s like for an average Brit to feel like.”

Jaqs explains his earnings can also vary considerably due to commission and bonuses, which means he cannot depend on receiving the same sum each month, though typically he receives £7,000 in his monthly wage.

Jaqs has witnessed personally how rapidly savings can vanish when life presents unforeseen expenses.

He lost £70,000 after investing in an Amazon FBA – selling and dispatching products through Amazon – but the venture failed.

His savings took another hit when he started renting on his own in June 2024 after a relationship ended, with his portion of the rent jumping from roughly £800 to £1,950 monthly.

He said: “I was with a partner but we broke up, but my rent went from £800 we were splitting to £1,950. That was a lot to be forking out.”

Jaqs now has a new partner and has managed to purchase a property, though he revealed the move cost him a total of £40,000 covering the stamp duty, legal fees and refurbishment expenses.

They utilised the £5,000 deposit scheme following more than six months of house hunting.

Jaqs explains that competition for properties was intense, especially for homes in sought-after and secure neighbourhoods, and is convinced that purchasing a property solo on a typical salary would be incredibly challenging.

He said: “I remember it being so much easier. With the average salary in the UK, you wouldn’t be able to buy a house yourself on that. You’d have to buy with a partner.”

Despite owning property and earning a decent wage, Jaqs doesn’t consider himself wealthy, as his savings stand at £10,000 – a sum he feels is insufficient to secure his financial future.

He believes that for many people, savings aren’t necessarily long-term investments but rather a financial safety net for unexpected emergencies.

From March, he began putting aside between £1,000 and £1,500 into investments each month, with ambitions to raise this to £3,000 should he receive additional commission or work bonuses.

He said: “I think people temporarily save so they have a buffer. I have split the money into a buffer and the long term, but I think most people’s savings are going to be a mixture of what they are going to be needing right now.

“I’m at £14,000 right now but hope to reach £28,000 by the end of the year. All my savings every month go into investments with stocks and shares ISA until that’s maxed out.

“I’ll likely just save that once it’s maxed, but I am also looking into premium bonds seeing as premium bond winnings are tax free.”

Despite the mounting financial pressures, Jaqs has no intention of relocating away from the capital.

He said: “I would want to stay in London. Born in Britain, it’s all you know. I grew up in London, so I don’t want to leave.

“I think I am in a privileged position, but with all the taxes and everything being so expensive, I am just not saving.”

Jaqs explains that a salary of £130,000 could afford a comfortable way of life if the earnings were consistent – however, in his case, they are anything but.

He said: “If someone earned £130,000 you could live comfortably. But mine’s up and down. I can’t feel 100 per cent comfortable. I have to work hard for that and even then it’s not guaranteed.”