It is unsurprising people struggle to save as living in the capital is hugely more expensive than anywhere else in the country. Those earning the average £30,120 after tax will never be able to save the £113,546 that the top 1% of earners are making after tax, found analysis by Archimedia Accounts.

This is the net take home pay after tax and National Insurance, pretax the salary would exceed £38,000.

Additionally, the average amount people save from their salary dropped by 6.4% to 10.4% in 2024, down from 16.8% just two years ago in 2022, showing how hard the cost of living crisis has been on the ability to save for a rainy day, or for a deposit on a property.