When we talk about comfort, it typically varies from person to person. But when we involve money with comfort, we mean standard of living.
And here, we are about to discuss the amount of money a person needs to maintain a standard way of living in the UK.
The United Kingdom is one of the most expensive countries in the world. And its capital, London, is the most expensive city in the country.
Living comfortably in the UK depends on many factors; a person’s earnings, the number of members in their family, the city they live in, etc. Overall, we are going to talk about everything in summary.
The average salary in the UK
According to data provided by the Organisation for Economic Co-operation and Development (OECD), salaries in the UK rank in the 15th position among the top 36 high salary paying countries in the world. This makes the salaries in the UK above average.
Salaries depend on a person’s job role, as well as the British City they are living in. For example, we can compare the salaries of a mobile developer and software engineer living in London and Edinburgh. In London, a mobile developer earns £41,431 per year, whereas a software engineer bags £42,925. On the other hand, in Edinburgh, an MD has a yearly salary of £32,709 compared to a SE’s salary of £29,078.
A list of jobs that make the most money in the UK is given below. Note that the list shows average salaries in British cities — London, Edinburgh, Cardiff — combined.
Accommodation and housing costs in the UK
As mentioned earlier, London is the most expensive city in the UK. So, it is only natural that just paying the rent for a house in this city will costly too. However, the rent also differs based on whether a person is living close to the city center or outside of it. Rent for a one or three-bedroom apartment inside the London city center is £1,662 and £1,272 respectively. While living outside of the city center will cost a person £3,188 or £2,081 for a one and three-bedroom apartment respectively.
The cost for the same accommodation ranges from £1557 to £483 in other British cities — Manchester, Edinburgh, and Cardiff.
The average internet and utility bills for the four cities combined are £31.5 and £177.5 respectively.
General Living Expenses
An individual living on their own can get by with about £1,500 in London and a little over £1,200 in Manchester. General living expenses consist of the things a person on food, internet, books, toiletries, phone plan, and other items and services that person may need.
How much money do you need to live comfortably in the UK in 2021?
According to the trade association, a single person will need £10,200 a year to achieve the minimum living standard, £20,200 a year for moderate, and £33,000 a year for comfortable. For couples, it is £15,700, £29,100, and £47,500.
Both of these above amounts are for people without any children. Because having a kid effect greatly on a single person or a couple’s spendings.
A single parent with one child aged up to the age of one will need £44,714 per year. And if their child is aged between two to four, then the need will mostly be less, £23,844 to be specific.
And if the child is a primary or secondary school student, the money need for comfortable life ranges from £24,883 to £30,863.
On the other hand, a couple with one child aged up to the age of one will need £49,714 per year. And if their child is aged between two to four, then the need will mostly be less, £30,863 to be specific.
And if the child is a primary or secondary school student, the money need for comfortable life ranges from £31,902 to £33,325.
In summary, A single person living in Britain needs to earn at least £13,400 a year before tax to afford a basic but acceptable standard of living.