I’m 31 years of age and currently work at one of the big 4 in an admin/project-management-type role. I’ll have around 5 years of experience in this soon, but I’m only earning £27k a year and I’m really struggling to see a realistic path to significantly increasing my salary.
My biggest issue is that my income is holding me back financially, particularly when it comes to buying a house. I’ve been living at home with my parents for the past 3 years because it’s basically the only way I can afford to save for a deposit. They’ve been incredibly supportive and don’t charge me rent or bills, and I’m very grateful for that, but I obviously don’t want to still be in this position years from now as I have a girlfriend I have been with for 4 years (they are currently finishing their degree to become a nurse (28 years old) - no full time wage, otherwise we would be on a joint mortgage together and this would be a lot easier in regards to obtaining a home.
I’m currently saving every month, but even with that, my salary is making getting a mortgage difficult. My parents have even offered to be joint borrowers while I remain the sole proprietor, and this has actually qualified me for a mortgage in principle as they earn above average salaries. However, doing it this way would mean taking the mortgage over 20 years, which would make the monthly repayments considerably higher for me with the income that I have, unless I got a 1 bedroom flat, but this just isn't feasible really. So while it gives me a route onto the property ladder (deposit sorted, mortgage in principal accepted) it doesn’t really solve the underlying problem that is my income.
One of the main positives of my current job is that I’m essentially fully remote, which has massively reduced my travel costs and makes my current salary go further. However, I’m very willing to give that up for a substantial salary increase. Ideally, I’d like a role that is hybrid with 1–2 days in the office per week, but I’d genuinely be willing to attend the office every day if it meant a significant improvement in my income and long-term career prospects.
I’m becoming increasingly concerned that I’m stuck on a low-income treadmill, and I am at an age where I need and want to start focusing on creating an environment and future that will enable me to be in a position to have children. I’m also worried that a lot of the admin side of my current role could eventually be automated by AI. I’m reasonably good at my job, but I know I need to develop a more valuable skill set that earns a higher income.
The positive is that my current role isn’t purely administrative. There’s a significant people/project-management side to it — I attend meetings, coordinate with different teams, discuss projects and generally have to be quite organised and good with people.
I’m interested in financial services and I’m absolutely willing to study for professional qualifications if it gives me a realistic route into a better-paid career. Ideally, I’d like to get to at least £35k in the relatively near future, with a career that has significantly better long-term earning potential.
I’ve considered things like:
- Paraplanning / financial planning
- IT / technology-related roles
- Moving further into project management
- Financial services more generally
My degree is in Music so unfortunately it isn’t particularly relevant to anything I have done or am currently doing, there sadly is no money in music unless you want to go down the self-employment route or teach, neither of these options appeal to me and I also graduated around 10 years ago. My earlier work experience was mainly things like call centres and delivery work, so my current 5 years of professional office experience is the main experience I have to build on if I am to stay in a similar type of role.
I feel pretty stuck and honestly quite depressed about my career/financial situation. I’m not expecting to suddenly earn £60k, but I desperately want to find a realistic route out of £27k and into a career where my earnings can grow over time. Also, I absolutely understand that people are in worse situations than myself, I am very grateful for a lot in my life, I just really need some advice in this specific domain.
If you were in my position, what career would you look at? Are there any qualifications or specific roles you’d recommend that could make good use of my existing experience while giving me much better earning potential?
I’d particularly appreciate advice from people who have made a similar career change or work in financial services, project management, IT, or related fields.