Industry: Healthcare (NHS)
Age: 25
Location: London
Salary: £47,286
Joint income: N/A.
Assets: £20,187 regular savings, £1,750 S&S, £2,046 high interest savings account.
Debt: Student loan.
Paycheque Amount: £2,680
Pronouns: She/her
Monthly Expenses
Monthly Housing Costs: £1,150 rent.
Utilities: £8 wifi, £15.67 water, £101.33 council tax, £60 gas and electric.
Number of Housemates: Two (H and E).
Monthly Loan Payments: £150 student loan.
Pension: I contribute £360 a month and the NHS adds another 20% to that. However, no idea how much I’ve got.
All Other Monthly Expenses: £40 gym, £7.99 phone.
Did you participate in any form of higher education? If yes, how did you pay for it?
I did my undergraduate here and the tuition fees were covered by student loans. I didn’t qualify for a maintenance loan at the time due to living abroad, so I had to cover my own living expenses (savings, summer/part-time jobs, grants/bursaries). I’m also finishing up my part-time master’s, which has been fully funded by my employer.
Growing up, what kind of conversations did you have about money? Did your parent/guardian(s) educate you about finances?
Money was (and still is) a sensitive topic in our household. There were never any open conversations about it and I remember both my parents being quite secretive about it. We never went without the basics and they tried their best. I recall my mum encouraging my sister and I to save when we started working and learning to cover our own needs.
What was your first job and why did you get it?
I was a store assistant in a local clothes shop when I was 15. I was legally old enough to start working, so my mum encouraged me to find a summer job.
Did you worry about money growing up?
To an extent, yes. As a child, I don’t think I had the awareness to really understand, but as I got older, I did start to worry. My mum became a lot more vocal about their financial struggles, which didn’t help.
Do you worry about money now?
Yes and no. I do because I know what poor financial decisions can do to you (my parents are the perfect example) and I worry that could be me in the future (although I’m careful with my money). I also worry about how the cost of living will evolve over the next few years and how that may impact me, particularly if I choose to buy property or have a family. However, my relationship with money over the last few years has really improved and I’ve become more financially literate, which has helped ease my anxieties around money. So day to day, I don’t worry about it as such, but I do for the future.
At what age did you become financially responsible for yourself and does anyone else cover any aspects of your financial life?
When I left home at 18 to go to university. I funded my living expenses through savings, summer/part-time jobs, bursaries/grants.
Do you or have you ever received passive or inherited income?
Both my maternal and paternal grandparents opened a savings account for me and my sister when we were born. We were able to access it once we turned 18. I think there was around £3,000 in one and about £2,000 in the other (approx 2,500 euros). Both went towards funding my living expenses for uni.
