Workers now say they need a salary of £49,300 to live comfortably. For those in London, a £65,000 wage is needed to combat the rising cost of living, a survey by recruitment firm Reed found.
The average wage that was seen as a sum on which people could live comfortably is £16,300 more than the £33,000 median annual pay for full-time employees in the tax year ending in April 2022, according to Office for National Statistics (ONS) figures.
More than a quarter (26pc) of the 5,000 workers surveyed stated they are unhappy with their current salary, Reed found. Six in 10 (61pc) of these people said their salary is not rising in line with living cost rises. More than a third (36pc) believed they could get a higher salary by switching jobs.
The research also unveiled that a fifth (20pc) of people are actively looking for new job opportunities and more than a third (38pc) are considering looking for a new job.
Reed also analysed job adverts as well as commissioning a survey.
Its findings suggest that the engineering and manufacturing sectors have seen relatively big salary increases over the past year, 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.”
The research also found that more than a third (35pc) of workers surveyed feel satisfied that the work they do is right for the salary they receive, according to Reed, which has produced some sector-specific salary guides for 2023 on its website.
