Average UK family needs extra £9,000 to maintain standard of living
The rise in the cost of living is hitting families in the UK hard, if a new report by a leading think-tank is anything to go by, reveals payday loan company Cash Until Friday (http://www.cashuntilfriday.co.uk).
Rising food and fuel prices, as well as significant increases in the cost of childcare, are causing the average family in the UK to fall £9,000 short of the amount needed to maintain the ‘basic’ standard of living to which they have become accustomed, according to the major report from the Joseph Rowntree Foundation.
The report reveals that a couple who both work and who have two children would need a joint income of nearly £37,000 a year to be able to afford basic food, clothes and leisure activities. That would mean that they would need to increase their income by one third to maintain the same (which is seen by most as a ‘decent’) standard of living as that enjoyed four years ago in 2008. In order to establish what is generally accepted as a decent quality of life, the Foundation considered those possessions and pastimes which would allow families to meet ‘socially accepted norms’ but not those deemed as extravagances. Things which made the cut included simple, healthy food, occasional clothes purchases, a cheap mobile phone and a self-catering annual holiday in the UK.
The minimum cost of living for a family in Britain has risen 16 per cent faster than inflation in the last four years, which goes some way to explaining the increasing popularity of payday loans online as a way of bridging the gap until payday. One of the authors of the report, Donald Hirsch states that, “People are being more modest in terms of what they think needs to be spent on participating in society, but this thrift has been outweighed by rising costs. Parents have not changed their view of most needs, including a nutritious diet and participation by children in activities vital for social inclusion. What has changed is the ability of many families to afford such essentials.”
If you are feeling the pinch, particularly in the run-up to the day your wages are paid, then consider the benefits of a same day payday loan from Cash Until Friday – you’ll find details at http://www.cashuntilfriday.co.uk.
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