‘HENRY’ stands for High Earner Not Rich Yet – referring to people who are high earners but don’t have any wealth saved up. This often applies to younger Millenials or family households who have significant incomes but don’t have much left after taxes, bills and other personal expenses, so they have less to put towards investments and savings. They are ‘rich workers’, but if they were to stop working they would no longer have much money. HENRY workers are classified as either:
If this is you, you’re probably pretty pleased with your monthly pay, but you also know you aren’t going to be owning that mansion any time soon! You also know that you need to continue to work, or you’ll find that money runs out quickly!
Whilst there isn’t an official tax for being a HENRY, your high salary will mean that you’re in a higher tax bracket, so your Income Tax and National Insurance will be hitting your take-home earnings.
Say no more! We understand that being a HENRY can feel like an inescapable cycle, but with good financial management and expert advice, your finances can be made simpler and more tax-efficient, so you can get saving! For more advice, get in touch with us today!