Why Earning £40K Doesn't Buy You Independence

She may earn well over the UK average, but it’s still not enough to cover even the basics.

- Sian Teasdale

PICKING UP THE PHONE TO call my dad, I felt sick. I’d just been hit with a £300 bill for my car’s MOT and, with over a week to go until I was paid, there was no way I could afford it myself.

With no credit card and already into my overdraft, I had no choice but to turn to my parents yet again for a handout.

I knew Dad would agree – he’s always reassured me that if I need help, he and Mum are there for me. But that doesn’t make it any less demoralising to be 30, earning what many people would think is a decent salary, and still being bailed out.

I wish I could say this was a one-off, but the truth is rarely a month goes by where I don’t ask them for money. I’m an account director at a digital marketing agency in Bournemouth, and my salary is £30-40k (a monthly average take-home pay of about £2,200), depending on how much commission I earn. I know many people would look at that income and consider me well off, especially when the average UK salary is around £27,000.

But the reality is that even earning that much, it can be hard nowadays to lead a normal, and in no way extravagant, 30-something lifestyle. It’s embarrassing, but not unusual. A recent study revealed three-quarters of adult children feel guilty about receiving financial help from the Bank of Mum and Dad, while parents can expect to end up £18,000 worse off from supporting their grown-up kids. Not to mention the fact that one in four property purchases now relies on parents chipping in.