Young professionals can save £20,000 annually by swapping London for Amsterdam – London Business News | Londonlovesbusiness.com

Travel experts at  Seine River Cruises have conducted an in-depth analysis of the cost of living for professionals in major European cities, including Paris, Prague, Barcelona, Amsterdam, Athens, Rome, Berlin, Lisbon, and Budapest.

The study aims to identify the most affordable destinations for young professionals to maximise savings while minimising living expenses, revealing where it is cheaper for them to live compared to London.

The analysis uses the income of a marketing executive as a representative example of a typical young professional’s salary in each city, comparing it against the monthly costs of rent, commuting, groceries, dining out, drinks, utilities, and coffee.

In London, a marketing executive earns around £3,028 per month, which is 36% lower than the average salary in Amsterdam (£4,752) and 8% lower than in Paris (£3,307).

With the cost of living in London priced at £3,730 per month, this exceeds the average income, leading to an annual debt of £8,424.

For young professionals looking to save money, Amsterdam and Rome are ideal alternatives. In Amsterdam, they could save 32% of their salary, with living expenses amounting to £3,235 compared to a wage of £4,752.

In Rome, with living expenses totalling £1,989 from a salary of £2,983, they could achieve similar savings.

On the other hand, moving to cities like Prague, Athens, or Budapest would leave young professionals in debt each month, even before considering any savings, just as they would if they remained in London.

Marketing executives in London earn £3,028 per month, while Amsterdam, the highest-paying city, offers £4,753—57% more than London. Paris follows with £3,308 per month, while Budapest has the lowest salary at just £753.

Rent is the biggest expense for young professionals in any city. In London, a one-bedroom apartment in the city centre costs £2,188 per month, the highest among cities. This is 342% more than in Athens, the cheapest option.

Utilities are a significant part of monthly expenses. In London, electricity, heating, water, phone, and internet services cost £311 per month, making it one of the priciest cities. Only Berlin is more expensive, with utility costs at £328 per month.

In London, a monthly public transport pass costs £200, making it one of the more expensive cities for commuting. In contrast, cities like Barcelona, Budapest, and Prague offer much cheaper options, with passes at just £18.

Taxi fares also vary across European cities. In London, the average monthly cost of using taxis is £489, a staggering 173% higher than in Lisbon, where taxis are the most affordable at just £179 per month.

Grocery costs vary widely across European cities. In London, the average monthly grocery bill is £260, which is lower than in cities like Paris (£360), Berlin (£280), and Amsterdam (£279).

However, young professionals could save even more in Budapest, where groceries cost just £186 per month—28% cheaper than in London.

All these European cities are known for their exceptional cuisine, and young professionals should take advantage of dining out regularly.

In London, eating out twice a week costs around £320 per month. However, in Rome, it would be just £222, and in Barcelona, even lower at £205 per month.

For those who enjoy going out for drinks, London costs £88 per month for twice-weekly outings.  A great alternative for cocktail lovers is Prague, where the same activity costs just £50. In contrast, Amsterdam is the priciest option at £102.

For many, coffee is essential for getting through busy workdays. In London, buying a cappuccino five days a week costs £68 per month. However, in Rome, the same habit costs just £25 per month—an impressive 63% cheaper than in London.

Magdalena Petrusic, a travel expert from Seine River Cruises said,”While London offers countless opportunities, it does come with a hefty price tag. I believe relocating to other European cities will not only enable you to save more but also allow you to experience new cultures.

“For young professionals who want to maintain a similar lifestyle to what we are used to in London, Amsterdam is a fantastic option. English is widely spoken, which makes the move more accessible and it is much more affordable.”