How Much Money Do You Need to Live Comfortably in the UK?
The UK is not a cheap place to live, and the cost of living is increasing significantly. Inflation is on the rise across the world for many reasons, including the ongoing supply chain issues related to Covid. With this in mind, the cost of living and how much you need to be comfortable, is more of a hot topic than it has been in a very long time.
Particularly for young people looking to enter the workforce or people from abroad looking to move to the UK, a common question that gets asked, is how much money do you need to live comfortably in the UK?
The answer is that you need an after tax (net) income of £49,700 in order to live comfortably in the UK as a couple, or £67,554 for a family with 2 parents and 2 children. This figure is based on studies conducted by the Pensions & Lifetime Savings Association and the Child Poverty Action Group.
Any type of generalisation like this can be problematic. In this article we’re going to break down exactly what “comfortable” means and how much income or investments you need to generate this level of after tax income.
