It's true, life in Europe is more expensive but UK is the most expensive country (specially London). I can tell you about Italy and i can tell you for sure that all pilots i know have their own house and no mortgage. All got their job with less than a 1000 hours (some with 3-400 hours) and they all have a more-than-average lifestyle. Instructors, for example are usually retired commercial/military pilots and make MUUUUUCH more money than here. In Italy there are CATEGORY minimum salary, so pilots minimum wage is different from the waiter minimum. This consider education, responsibility, education costs, etc... i think this was a big accomplishment for Italian unions...and pilots...
Whith this i am faaaaaar from saying that european aviation is better than here, JAA regs are a nightmare!!!!