Are you clear what you're disillusioned about? Yes some engineers earn salaries in excess of £40k, but because:
a: they are very experienced in a specialist field (5years + expereince in that field),
b: they are working in unsocial conditions (e.g. offshore oil + gas), or
c: they also carry management responsibility.
With the exception of b:, five years after graduation 30-35k is a pretty good target to aim at, but I'm sure there are plenty here who earn rather less than that! And if you look across engineering it's surprising how consistent salaries are. (Also, contrary to popular belief, most other professions aren't that different.)
Re "did I make the right career choice?"; if you want to make a lot of money, don't go into engineering (or any other profession): go into finance. Makes sense - your work should relate to what you're interested in
You can make huge amounts of money in engineering if you're prepared in dire conditions, which is fair enough. In my industry, the rail industry, I earn rather less as a senior manager running a high-flying design team than I would if I was a contract track maintenance worker (or a train driver!), but I really really wouldn't want to do their job.
The bad news is that someone is always going to earn more than you do (if you were going to be the next Bill Gates you'd be there by now
), the question is more whether you enjoy your job. IC design is a good example. A top flight IC designer earns a lot of money because they're rare. But those who get there haven't got there by thinking "I want to earn 70k", they got there by really enjoying IC design.
Sorry this is a bit waffly ... hope it helps
Andy Millar CEng MIET CMgr MCMIhttp://www.linkedin.com/in/millarandy
"The aim of argument, or of discussion, should not be victory, but progress." Joseph Joubert