Useful materials about job search in your mail.
Top job searches near you
Recent Job Searches

Remote Options Trading
Location: United Kingdom


Global Marketing Executive - Remote
Location: United Kingdom


Training Specialist (remote UK)
Location: United Kingdom


Principal Statistical Programmer (Remote)
Location: United Kingdom


Payroll Project Manager
Location: United Kingdom


Head of Financial Control
Location: United Kingdom


School Relationship Manager
Location: United Kingdom


Senior Counsel, Employment
Location: United Kingdom


Chief Financial Officer (CFO)
Location: United Kingdom


Head of Security Services
Location: United Kingdom


Field Insights & Excellence Manager
Location: United Kingdom


Interim Transformation Programme Director
Location: United Kingdom


Electrician
Location: United Kingdom


EHS Coordinator
Location: United Kingdom


Business Development Manager
Location: United Kingdom


Senior CRM Executive
Location: United Kingdom


VP, Professional Services
Location: United Kingdom


Chief Executive Officer (CEO) & President
Location: United Kingdom


Consultant
Location: United Kingdom


Sales Development Representative
Location: United Kingdom


AI Training for Ukrainian Writers
Location: United Kingdom


Lead Accountant
Location: United Kingdom


Product Owner
Location: United Kingdom


Sales Representative
Location: United Kingdom


Senior Product Marketing Manager
Location: United Kingdom


Head of Region - School Partnerships North West
Location: United Kingdom


Trainee SHE Manager
Location: United Kingdom


Industrial Services Project Manager
Location: United Kingdom


Customer Success Manager
Location: United Kingdom


Risk & Governance Manager
Location: United Kingdom


Is £60k A Good Salary?

When it comes to money, of course, the best principle is ‘the more the better’. At the same time, it’s not necessary to be a millionaire to secure a comfortable life for yourself and your family in the UK. How much money does one need for that? Depends on the individual and their wants and needs. In case you got a new job offer with a salary of £60,000 per year and are wondering if it is worth accepting, you’re welcome to read our article. Here we answer the question ‘Is £60k a year good salary in the UK?’ and discuss how it compares to other salaries across the country.

Factors influencing whether £60k is considered a good salary

The most objective answer to our question will be ‘Depends on where you are located and what your aspirations and lifestyle goals are.’ Let’s have a closer look at each of these two factors.

Living costs and average salary in different regions of the UK

As in any other country, there is a distinct variation in salary and expenses depending on a region in the UK. If talking about mandatory payments such as income tax or National Insurance Contributions, they are relatively the same across the country, with some subtle differences. The factors that matter when deciding if £60k salary is a very good salary in the UK are:

  1. Whether you live in a big city or a rural area. Big cities tend to have higher housing costs, as well as transportation, leisure activities, and even food expenses compared to towns and villages. If you live in London, expect everything to be expensive.
  2. Individual circumstances such as student loan payments, mortgage payments, credit card debt, and other financial liabilities.
  3. Your family status. What is considered a good income for a single person may be absolutely insufficient to comfortably afford to meet the needs of a large family.
  4. The part of the UK you reside in. According to a migration consultancy firm, London and the South East of England tend to be extraordinarily expensive compared to other places. Manchester, Birmingham, and Edinburgh don’t stand out with their affordability either. Living expenses in such seaside cities as Brighton and Hove may well reach the level of London.

According to Expatistan and Numbeo, the average monthly costs of living in the UK in 2023 stands at:

  • £3,959 for a family of four;
  • £2,202 for a single person;
  • £1,336 for rent (85 m2 or 900 square feet) in a good area;
  • £201.94 for utilities (in a 915 square feet apartment);
  • £30.13 for the Internet;
  • £31.48 a fitness club fee;
  • The average monthly net salary after tax is £2,320.68.

Individual financial goals and lifestyle choices

Another factor that can help to decide on the issue is the current lifestyle preferences and future goals of a person. Let’s explore some of them.

  • Homeownership. Given the house prices nowadays, individuals who aspire to purchase one for themselves or their family may have higher salary expectations.
  • Further education or upskilling. Skill improvement can also be a financial goal, as covering tuition or training costs is quite pricey.
  • Passion for a luxurious lifestyle. If one doesn’t imagine their life without branded clothes, cutting-edge technology, or fancy restaurants, their income should be higher than the average UK salary.
  • Regular travel. Unless you are a fan of couchsurfing, you’d better take care of your travel budget in advance.
  • Family planning. Those who are about to start building their family nest should be ready to spend additional money on high-quality childcare, education, and other expenses.
  • Housing expenses. Even if there is no question of buying property, renting and covering utility bills can also hit the pocket.

Financial Planning and Budgeting

If you want to ensure a comfortable living with £60k salary for yourself, you should work on effective financial planning. Careful income management includes addressing basic expenses, discretionary spending, and savings. By regularly doing so, you can achieve both short-term stability and long-term financial goals.

Creating a budget based on £60k income

So what does budget management look like? Let’s break it down:

  • Housing costs (for instance rent, property taxes, council tax);
  • Utility bills;
  • Transportation (insurance, fuel, public transport);
  • Debt repayment (credit cards, student loans, or any other kinds);
  • Groceries;
  • Hygiene and personal care;
  • Entertainment and hobbies;
  • Shopping for clothes;
  • Savings accounts contributions;
  • Vacation savings;
  • Mobile phone and Internet charges;
  • Children (if applicable);
  • Pets (if applicable);
  • Donating;
  • Education and development.

Addressing essential expenses

Essential expenses are recurring costs that an individual has to cover in the first place to maintain a basic standard of a more or less comfortable life. Of course, every person has their own understanding of a ‘comfortable life’, however, there are the most typical ones:

  • Housing costs (for instance rent, property taxes, council tax, insurance);
  • Utility bills;
  • Transportation (for instance car payments, insurance, fuel, public transport);
  • Debt repayment (credit cards, student loan repayments, or any other kinds);
  • Groceries;
  • Emergency fund;
  • Hygiene and personal care;
  • Mobile phone and Internet charges;
  • Children (if applicable);
  • Pets (if applicable).

Allocating funds for savings and discretionary spending

Should you manage to cover all the essential expenses and still have some money to spare, the answer to the question ‘Is £60k a good salary?’ will be ‘Yes’. In fact, it’s extremely important to be able to afford something more than just covering your living costs. As a famous proverb says, ‘All work and no play makes Jack a dull boy’ – a chance to unwind and recharge is key to your mental health, well-being, and further achievements.

In case your £60k salary makes you live from hand to mouth, we do recommend reflecting upon the possible options to change something in your life. It may be both being more reasonable regarding your spendings or considering a new more high-paying job. Feel free to ask a financial advisor for help – you can get a few valuable insights that will change your financial situation for the better.

Addressing potential financial challenges with a £60k income

Whether £60k is a decent amount for you or not, you should familiarise yourself with potential financial challenges that may occur. Here are some ideas to consider:

  1. Constantly rising living costs. Due to inflation, economic downturns, recessions, and other numerous geopolitical issues around the world, maintaining the same standard of living from year to year can become more challenging.
  2. Healthcare. Some medical procedures may not be covered by the NHS, therefore, you should be ready to face additional expenses.
  3. Income volatility. Is £60,000 per annum your fixed salary or it includes commissions and bonuses? If so, it’s more difficult to do long-term financial planning.
  4. Limited disposable income for discretionary spending. A £60K salary may well be enough to cover the essential expenses, live comfortably, and even make savings to ensure a secure financial future when you grow old, however, discretionary spending is exactly what can make your life more colourful and fulfilling. One needs to have money for them too.

Career and Industry Standards

Another way to find out if a £60K salary is a good salary in the UK is to look at it from the point of view of the industry standards. Considering such factors as the position, the company’s location, and benefits the company offers besides the salary will help you identify if £60,000 per year is an acceptable amount for you or not.

Benchmarking £60k against salary standards in specific industries

First, research what minimum, average, and maximum salaries your industry in your area offers. Second, objectively evaluate your qualifications, experience, and expertise to understand what salary you can expect. Third, consult with your industry peers to determine what others in similar roles earn. Consider the size of the company: larger companies tend to offer higher salaries. Finally, check online job boards with relevant vacancies. Remember that job titles may vary from company to company, so for more accurate selection, it’s better to focus on responsibilities.

Evaluating career growth potential and opportunities for advancement

Even if you are happy with the £60k salary today, tomorrow everything can change. As we’ve mentioned, nobody is immune to economic recession or inflation. It’s always a good idea to strive for better positions and higher salaries for the sake of your own good. Therefore, besides deciding how good the £60k salary is, consider what prospects for career development and salary growth your job provides.

Considering non-monetary benefits and perks

Last but not least, not everything is about material needs. If your £60k salary is your take-home salary, and the company also offers a solid benefits package, it may be a really good deal. Some companies cover gym or education costs, give employee discounts, make generous pension or retirement plan contributions, and organise free wellness programs or exceptional team-building events. This may be a nice addition to your entertainment or wellness activities outside of work and help you save a good bit of money.

  1. GOV.UK Income Tax Rates
  2. Global Citizen Solutions – The Cost of Living in the UK
  3. Expatistan – The Cost of Living in the United Kingdom
  4. Numbeo – The Cost of Living in the United Kingdom
Is £60k A Good Salary?
Date: 7 December 2023
Subscribe to newsletter
Useful materials about job search in your mail
Subscribe to newsletter
Useful materials about job search in your mail