‘I’m earning £100,000 a year, but I feel poorer than ever’
The IndependentStay ahead of the curve with our weekly guide to the latest trends, fashion, relationships and more Stay ahead of the curve with our weekly guide to the latest trends, fashion, relationships and more Stay ahead of the curve with our weekly guide to the latest trends, fashion, relationships and more SIGN UP I would like to be emailed about offers, events and updates from The Independent. open image in gallery ‘I’m not looking for sympathy, but I’m also trying to be clear that I don’t feel comfortable either’ Yet the fact that the four percenters are feeling the pinch is a symptom of what Dr Mike Savage, a professor of sociology at the London School of Economics and Political Science, calls “intensified” class divisions. Although Turner has experienced the precarity of living life on the breadline as a sole earner, she says that earning £100k “definitely doesn’t make you rich”. There are certain things in my life that have upgraded, but not much.” Kouyoumjian and Turner are known as HENRYs – or “High Earner Not Rich Yet” – a term coined by Shawn Tully in a 2003 article for Fortune magazine, and used to describe people who earn a high wage but don’t have much left after taxes, schooling, housing, family, and saving for retirement. open image in gallery ‘Class divisions are being intensified as divides grow between the wealthy and the many who juggle debts’ In addition to the tax burden, a higher wage can result in “lifestyle creep”, meaning that as you earn more you spend more, opting for more expensive versions of the same things you would have previously bought at a cheaper cost.