Workers in region feel they need a £47,000 salary to live comfortably
According to a new survey by recruitment firm Reed, UK workers in Wales and the North West of England feel that they would need a salary of £47,000 in order to live comfortably, as living costs continue to surge.
The survey, which asked 5,000 UK workers a range of questions on their salary, found that this average wage is £16,300 less than the £33,000 median annual pay for full-time employees in the tax year ending April 2022, as reported by the Office for National Statistics.
The survey also found that more than a quarter (26%) of respondents are unhappy with their current salary, with 61% stating that their salary is not keeping pace with rising living costs.
Furthermore, 36% believe they could earn a higher salary by switching jobs, and 20% are actively searching for new job opportunities.
The research also found that different sectors have seen varying changes in salaries over the past year.
Sectors such as engineering and manufacturing have seen relatively large increases, while the financial services and insurance sectors have seen some salary declines.
Ian Nicholas, Global Managing Director at Reed, said: “It’s clear that despite the jobs market remaining largely positive, the uncertainty and price shocks in food and fuel have created uncertainty for both businesses and employees.”
“There is some hope, however, as there remains a healthy level of activity in the employment market.”
He added, “Even though we aren’t expecting a massive shake-up with salaries, which are likely to follow the current trends, we are still seeing a lot of movement – people are taking the risk and looking for a better-paying job and businesses looking to hire are able to put themselves forward to find fresh, new talent”
– East Midlands, £45,000
– East of England, £44,000
– London, £65,000
– North East, £46,000
– North West, £47,000
– Northern Ireland, £46,000
– Scotland, £48,000
– South East, £49,000
– South West, £51,000
– Wales, £47,000
– West Midlands, £44,000
– Yorkshire and the Humber, £45,000.
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