Living in central London in a two-bedroom property he bought with his partner for \u00a3550,000, Jack \u2013 who covers all their expenses \u2013 says he is feeling the cost of living.<\/p>\n
His monthly expenses include \u00a32,630 on his mortgage payment and council tax, \u00a3420 in bills, \u00a3250 on groceries and \u00a3400 for socialising.<\/p>\n
Jack claims he’s had to adjust his lifestyle due to cost-of-living \u2013 ditching a weekly M&S shop for Sainsbury’s, swapping luxury holidays in Asia for European mini breaks and opting for Pure Gym instead of the more expensive chain Gymbox.<\/p>\n
Jack, from East London, said: ‘Even though I’m on a six-figure salary, I don’t feel rich at all.’<\/p>\n
![\"Jack](\"https:\/\/www.europesays.com\/us\/wp-content\/uploads\/2025\/07\/99488421-14824297-image-a-10_1750255815799.jpg\")
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Jack Kim works as a strategy consultant in London and brings home around \u00a36,000 a month after tax but calls himself a ‘HENRY’ \u2013 which stands for ‘high earners not rich yet’<\/p>\n
![\"The](\"https:\/\/www.europesays.com\/us\/wp-content\/uploads\/2025\/07\/99488427-14824297-image-a-11_1750255849715.jpg\")
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The 28-year-old, pictured on a trip to Lisbon, has swapped his luxury holidays in Asia for European mini breaks<\/p>\n
![\"Jack](\"https:\/\/www.europesays.com\/us\/wp-content\/uploads\/2025\/07\/99488407-14824297-image-a-12_1750255962611.jpg\")
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Jack pays\u00a0\u00a32,630 a month for the mortgage and council tax on the two-bedroom flat he shares with his partner\u00a0<\/p>\n
Breakdown of Jack’s monthly outgoings <\/p>\n
Mortgage and council tax: \u00a32,630<\/p>\n
Utilities: \u00a3450<\/p>\n
Groceries: \u00a3250<\/p>\n
Transport: \u00a3100<\/p>\n
Savings\/ investments: \u00a31,500<\/p>\n
Subscriptions: \u00a3100<\/p>\n
Socialising: \u00a3400<\/p>\n
Money to parents: \u00a3500<\/p>\n
TOTAL:\u00a0 \u00a35,680<\/p>\n
He adds: ‘Everyone knows living in London is extremely expensive.<\/p>\n
‘It comes to four main things \u2013 higher tax rate for people on six-figure salaries, higher living costs, lifestyle inflation<\/a> and debt.<\/p>\n ‘As income rises, so does your lifestyle.<\/p>\n ‘I don’t wear flashy, high-end clothes or own expensive watches, I opt for high street brands like Uniqlo.<\/p>\n ‘We try and live below our means by limiting eating out to once a week at a good quality restaurant.<\/p>\n ‘Other than a drink at special occasions like weddings, I don’t drink alcohol, which is very expensive.<\/p>\n ‘We feel the cost of living just like anyone else. I don’t feel upper-middle class.’<\/p>\n Jack sends \u00a3500 a month to his parents in South Korea and after all his expenses are paid, he’s left with about \u00a3320 which goes on clothes, one-off expenses such as gifts or saving for a holiday.\u00a0\u00a0<\/p>\n After graduating from the London School of Economics with a bachelor’s and master’s degree in management in 2019 \u2013 which cost \u00a399,000 in tuition fees \u2013 Jack began his career as a strategy consultant on a \u00a321,000 salary.<\/p>\n He quickly progressed to \u00a345,000 and began saving for a \u00a382,000 deposit to buy a property with his partner.<\/p>\n ‘We feel the cost of living just like anyone else,’ says Jack, pictured on holiday<\/p>\n Jack, pictured on a picnic with friends, says he occasionally eats out \u2013 but doesn’t drink alcohol because it’s too expensive\u00a0<\/p>\n I shop on the high street and mainly buy clothes from brands such as Uniqlo, says Jack<\/p>\n ‘We collectively needed roughly \u00a382,000 for a deposit, and we did that in two years with some help from our parents,’ Jack said.<\/p>\n ‘It meant we stopped eating out and primarily cooked at home. During that time, it was Covid which did help because it meant we weren’t spending as much or travelling at all.’<\/p>\n And in December 2021, Jack and his partner got on to the property ladder, purchasing their two-bedroom flat.<\/p>\n ‘Being on a combined income helped us for sure, but alongside our own drive and determination,’ he added.<\/p>\n ‘I can only imagine how hard it is for young people to get on the property ladder now. Especially if they’re single and doing it alone.<\/p>\n ‘Affordability and the goalposts for a mortgage have changed \u2013 even in the last four years.’<\/p>\n The strategy consultant said that he doesn’t own an expensive watch or car and insists his lifestyle is not lavish, despite being a high earner\u00a0<\/p>\n Despite getting several pay rises since the start of his career, the 28-year-old doesn’t feel it’s made a big difference to his lifestyle<\/p>\n He adds: ‘It’s not affordable to get a mortgage these days \u2013 unless you have generational wealth.<\/p>\n ‘Growing up, my family and I were considered a lower-income family. From the ages of seven to eight, my mum, dad, brother and I lived in a studio flat in Seoul, South Korea.<\/p>\n ‘Since gaining my education and career in London, I’d say as a whole, my family are middle class. But we certainly don’t feel it in the grand scheme of things.<\/p>\n ‘I don’t have an expensive watch or a car. No luxury yacht or Monaco, St Moritz holidays like my friends who are bankers.<\/p>\n ‘Consulting is an industry where you can see fast income growth. Even though my income has increased, our lifestyle hasn’t changed that much.’<\/p>\n Will you have to wait until 74 for a state pension? <\/p>\n A stark warning has been sounded that the state pension age could have to rise to 74 for those under-30s.<\/p>\n The Institute for Fiscal Studies’ pronouncement in the same week that the government announced a state pension review set the cat amongst the pensions.<\/p>\n Your browser does not support iframes.<\/p>\n On this episode of the This is Money podcast, Georgie Frost, Helen Crane and Simon Lambert, discuss what could happen to the state pension, when we might be able to retire and what we all need to do to get there.<\/p>\n Pension saving is also under the spotlight and the team discuss how to make the most of your work scheme or a Sipp.<\/p>\n Press play to listen to the latest episode on the player above, or listen (and please subscribe and review us if you like the podcast) at Apple Podcasts<\/a>\u00a0and Spotify<\/a> or visit our This is Money Podcast page<\/a>.\u00a0\u00a0<\/p>\n![\"'We](\"https:\/\/www.europesays.com\/us\/wp-content\/uploads\/2025\/07\/99488433-14824297-image-a-13_1750256039778.jpg\")
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