While the UK has narrowly managed to avoid slipping into recession, the cost of living crisis has put salaries—and how they’re not stretching as far as they used to—sharply into focus.

Although a six-figure salary might seem bankable on paper, £100,000 does not stretch as far as it used to.

In London, it’s estimated that average monthly costs for a family of four before rent or mortgage repayments is £3,382. Average rent comes in at around £2,000 per month, soaring to £4,938 if you live in Kensington or Chelsea.

Couple that with the calculations from Bank of England which estimates that those who earned £100,000 in 2013 were approximately £30,000 better off than those earning £100,000 today and you can understand why 93% of British adults reported an increase in their cost of living in March 2023.

The Office for Budget Responsibility (OBR) has similarly detailed that real post-tax household income had the biggest fall in 2022-2023 since 1956.

Is there a silver lining?

The silver lining for those working in fintech is that the UK has established itself as a tech hub, ranking first in Europe and third in the world with a combined market value of $1 trillion. It is the third country to ever attain this valuation after the US and China.

While recent headlines might depict otherwise, tech companies headquartered in the UK are still hiring and the start-up scene continues to thrive thanks to robust VC and PE funding; therefore earning a salary of £100,000 or above is possible.

Below we have detailed five of the most lucrative areas in fintech and the companies that are currently hiring for them. As always, you can find thousands more opportunities on the Finextra Job Board.

Blockchain developer

The adoption of blockchain technology has been infiltrating the fintech sector for some time and according to a report conducted by KPMG. Investment in non-crypto blockchain will continue to grow along with other areas of blockchain such as NFTs and cross-border payments solutions.

As such, Ripple is hiring a Senior Software Engineer to contribute to building blockchain solutions.

Salary range: £62,312 to £137,087

Data analyst

With data now being relied upon to drive insights and decision making and streamline processes across various sectors including fintech, data analysts are in high demand. According to recent findings, data engineer is one of the fastest-growing and in-demand job titles in the UK, like this Data Analyst opening at Zilch UK.

Salary range: £52,329 to a high of £105,903

Full stack engineer

Developing and maintaining software and services is essential for any fintech, which is why full stack engineers, responsible for both the front and back end of systems are in high demand and are paid accordingly.

Essential scripting languages that are most in demand with fintech employers include Python, Java, Java Script and C++, like this Senior Software Development Engineer role at GoCardless.

Salary range: £43,619 to £199,399

Machine learning (ML) and artificial intelligence (AI)

If the advent of OpenAI's ChatGPT and the subsequent race to produce similarly efficient chatbots from Google and Microsoft has taught us anything, it’s that a career in machine learning is a safe bet. In fact, the global AI market is expected to hit over £1,321.94 billion by 2030 and financial institutions are increasingly relying on AI-driven data and automations to power their processes.

If you want to further your career in machine learning, Monzo is recruiting a Senior Machine Learning Specialist. 

Salary range: £56,081 to £155,781

Cybersecurity

With cybersecurity a growing concern for fintechs, engineers tasked with designing strategies and applications to prevent malicious spyware are an essential part of the business. The most common roles include security managers, security analysts, security engineers, and security consultants.

Starling Bank is hiring various Financial Crime Quality Assurance Team Lead roles in Southampton, Cardiff, and Manchester.

Salary range: £74,775 to a high of £155,781

For more high-paying opportunities in tech or fintech visit the Finextra Job Board today.