Standard of living income falls
01/07/2015
The income needed for an acceptable standard of living has fallen for families in the past year, according to the Joseph Rowntree Foundation (JRF).
A couple with two children need a combined income of £20,024 for a minimum living standard. This has worked out at £263 lower than the same time last year, but people who are on minimum wage still came out with a shortfall of £74 a week.
Single parents would need an income of £26,725 to have an acceptable standard of living this year. Last year the figure stood at £27,073.
The JRG set a benchmark for an acceptable standard of living by gathering information from focus groups. Among the things that are considered essential are a computer and internet access in the home.
Single people were the only group to see their minimum income requirement fail to fall. In 2015, it stood at £17,102, up slightly from £17,072 in 2014. Rent rises cancelled out any kind of taxation cuts or fall in food prices due to deflation.
Julia Unwin, chief executive of the JRF, said:
"After seven years of declining living standards, the pause in rising costs is a very welcome respite.
"But many low-income households are still much worse off than in 2008, leaving them struggling to make ends meet and reliant on benefits to top up their incomes."
Need financial advice?
If you have any personal finance questions related to this news article, then please contact our financial advisers. You can get in touch by asking a question online, calling us on 0800 092 1245, or by arranging a visit.
Share this..
Related stories
Is public transport becoming a more viable option?
As public transport usage figures continue to rise in light of the increased cost of running a motor vehicle in the UK there is a growing opinion that the age of public transport as a major element of society is on the way back. The recent spike in the price of petrol has alerted many of the risks of owning and running a vehicle in the UK and finally this seems to be assisting the public transport...
Read MoreIs it time to review your finances again?
While many in the UK will have reviewed their personal finances at the turn of the year, much has happened over the last six months and maybe it is time to look again at your personal situation. There are still a number of issues within the UK stock market, property prices have not improved yet, UK debt continues to rise and more and more people are losing their homes each and every day. Against t...
Read MoreWhy doing nothing can save you so much money
Even though society has changed dramatically over the last few years with the introduction of the Internet, the mobile phone and other devices which effectively allow us to communicate from a distance, there is still a substantial market in the restaurant arena and children's entertainment to name but a few. One thing that you can be sure of is that if you go away for a family day you will spend s...
Read MoreUK government defends increase in student fees
For a government which has supposedly put education at the top of its list of things to do in the UK, the ever-increasing cost of student education has become a serious issue within the UK. There have been a number of large student rallies announced as they try to put pressure on the government to reduce what in many cases can be a toll approaching £30,000 which needs to paid back in due course.<...
Read MoreUK gas reserves down to just six hours
Extreme cold weather in Norway caused the closure of a Norwegian gas supply processing centre which has impacted on the UK. Yet another National Grid gas alert has been issued and this time the UK government is appealing in desperation for extra gas to be pumped into the UK system from overseas. There is now a real danger that the supply of gas to the UK could be crippled in the days ahead unless...
Read More