FTAdviser reports that 1,000 taxpayers under the age of 30 earned more than £1 million in 2024/25.
These young high earners took home more than £3 billion between them. That’s an average of £3 million each and means that under-30s – including Manchester City centre-forward Erling Haaland and former Love Island star Molly-Mae Hague – make up around 3% of the UK’s £1 million-plus earners.
Alongside influencers and sports stars, the increase is also likely due to rising salaries in specific sectors, such as technology.
Whatever the cause of the record increase in young high earners, one fact remains. With higher salaries and greater wealth comes the need for help, in terms of improved financial literacy, long-term planning, and professional advice.
Figures suggest salaries are rising more quickly for under-30s than for other age groups
The number of under-30s earning £1 million has increased by 54% since the coronavirus pandemic (when the number sat at just 650). An 11% rise was seen for this age category in the 12 months to April 2025. This compares to a significantly lower 1% rise across all age groups during the same period.
While the overall number of UK taxpayers earning £1 million a year stands at 31,000 (meaning that 30,000 are older than 30), the figures do suggest that salaries are rising higher and more quickly among the younger generation.
This represents huge opportunities for those under 30 to build wealth and financial security, but there are risks too. Large sums can lead to high tax bills, and the ramifications of bad decision-making can be more extreme.
That’s where you can help, by imparting your hard-won financial lessons. And where HFMC Wealth can help, too, providing professional advice based on our decades of combined experience.
The report highlights a need for financial education and advice
Financial literacy is currently low, so education is key
Back in November 2025, the London Foundation for Banking & Finance (LFBF) published its ‘Young Persons’ Money Index (YPMI)’.
While the index specifically tracks money attitudes and behaviours among 15 to 18-year-olds, it has been doing so since financial education was introduced into the UK national curriculum in September 2014. That means the first round of survey responders is now approaching 30.
The latest report finds that financial literacy remains “concerningly low”, highlighting that:
- 64% have low financial capability and high levels of money anxiety
- 61% see parents as their main source of financial information, with school (9%) and banks (2%) a long way behind
- 80% want to learn about money and finance, and 53% want to improve their financial situation but don’t know how.
The survey found that financial anxiety was more pronounced among female respondents, those receiving free school meals, and ethnic minorities. But financial literacy is clearly still a widespread issue among UK children.
Intergenerational financial planning and open discussions can help, giving younger family members the space and permission to ask questions about school fees, debt, or inheritance, for example. Frank discussions normalise financial talk and ensure the subject isn’t taboo.
Long-term planning can provide peace of mind and stability
Budgeting with large sums of money in youth can be challenging. It might be tempting to spend more than is affordable, and young people might fail to look to the long term. But paying your future self remains key, whatever your age and wealth level.
There are plenty of valuable lessons you can pass on, including:
- The importance of financial protection as the backbone of a long-term plan
- Making pension and other tax-efficient investment contributions first each month, then budgeting with what remains
- Managing high- and low-interest debt.
Our attitudes to risk aren’t fixed. They are based on individual goals and timescales and can change throughout our lives, but it is natural to be less risk-averse in youth, when a fund has more time to recover from downturns. That said, attempting to time markets or follow trends can be problematic at any age.
Patience and a long-term view are often the most sensible course. Sitting down to discuss a loved one’s long-term objectives can help them to think seriously about their future, possibly for the first time.
A focus on long-term time frames can also help to instil a sense of calm and avoid potentially damaging knee-jerk or emotional reactions during worrying times.
Professional advice can give you and your loved ones peace of mind
In a world of social media and AI, it might be all too easy for younger generations to make ill-informed financial decisions based on digitally accessed – and so largely unregulated – advice.
This is where your ongoing relationship with HFMC Wealth is important, showing the next generation the value of having a trusted professional on your side. Our decades of combined experience mean we’re best placed to help your loved ones manage their high salaries in a risk-managed way that combines capital growth and long-term stability, aligned with their long-term goals.
This will give them, and you, peace of mind, safe in the knowledge that any future inheritance will be sensibly and thoughtfully handled.
Get in touch
If you or a loved one would like to discuss how to manage a rapidly rising salary or the logistics of putting a long-term financial plan in place, contact us online, or call 020 7400 4700 today.
Please note
This article is for general information only and does not constitute advice. The information is aimed at individuals only.
All information is correct at the time of writing and is subject to change in the future.
Please do not act based on anything you might read in this article. All contents are based on our understanding of HMRC legislation, which is subject to change.
