London's £130,000 man who still feels 'broke'
A 27-year-old London consultant earning £130,000 a year insists he feels 'broke', despite taking home more than triple the average British wage. Jaqs Nelson, from Bromley, says his six-figure salary does not make him financially secure, with savings of just £10,000 to his name.
Mr Nelson, a principal manager consultant, spends roughly £6,000 of his typical £7,000 monthly income. His outgoings include a £3,000 mortgage and bills on a three-bedroom property, with the remainder going on Uber, Deliveroo, date nights and a premium gym membership.
He told WalesOnline: '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. 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.'
Why does a high earner feel financially insecure in London?
Mr Nelson describes himself as a HENRY, or High Earner Not Rich Yet, a term that has gained currency among young professionals in the capital. He argues that his savings would only sustain three months of living expenses should he lose his job, hardly the picture of comfort that a six-figure salary might suggest.
His earnings fluctuate considerably due to commission and bonuses, meaning he cannot rely on a consistent monthly sum. He also points to the punishing cost of housing in London, where competition for properties in secure neighbourhoods remains fierce.
What setbacks have drained his savings?
Mr Nelson's financial journey has not been without its reverses. He lost £70,000 after investing in an Amazon FBA venture that failed, and his outgoings rose sharply when his relationship ended in June 2024, with his share of the rent jumping from £800 to £1,950 a month.
He has since bought a property, a move that cost him £40,000 in stamp duty, legal fees and refurbishment. He used the £5,000 deposit scheme after more than six months of house hunting, and admits that buying alone on an average salary would be 'incredibly challenging'.
'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.'
Is he planning to leave London?
Despite the pressures, Mr Nelson has no intention of quitting the capital. 'Born in Britain, it's all you know. I grew up in London, so I don't want to leave,' he said. 'I think I am in a privileged position, but with all the taxes and everything being so expensive, I am just not saving.'
He is now building his investments towards £100,000 within two years, depositing up to £3,000 monthly into a stocks and shares ISA and premium bonds. He acknowledges that a steady £130,000 salary would allow for a comfortable life, but his own earnings are anything but consistent.
'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.'
His case raises uncomfortable questions about the true cost of living in modern Britain, where even the highest earners can find themselves stretched thin by housing costs, taxation and the relentless demands of the capital's economy.
Frequently asked questions
What is a HENRY?
HENRY stands for High Earner Not Rich Yet, a term used to describe professionals with substantial incomes who have not accumulated significant wealth or savings.
How much does the average Brit earn?
The average full-time salary in the UK is roughly £35,000, meaning Mr Nelson earns more than three times the national average.
What is the £5,000 deposit scheme?
The scheme allows first-time buyers to purchase a home with a deposit of just £5,000, aimed at helping younger Britons onto the property ladder.