The rise of the £150,000 millennial earner – and why this luck could soon run out
Young entrepreneurs are starting to earn big money but by rejecting the safety net of employment they could be putting themselves at risk
The number of under 40s who are making this sum or above rose by 38%.
OK, cool. The “worry” is that they’re missing out on unemployment pay etc etc and those accoutrements of the welfare state because they’re not employed and not paying full NI whack.
Umm, yeah, but they’ve got significant incomes, sufficiently significant that they can go buy those insurances. Actually, sufficiently significant that they can go save and produce an income which equals that welfare state.
The risk, as long as they do that of course, is minimal. And the cost? Well, higher earners pay much more in than the value of what they might get out using the state mechanisms. Thus they’d be better off going that private route anyway.