Cost of 'getting by' up by third since 2008
Families with two children now need a household income of £36,800 a year just to maintain an acceptable standard of living, according to new research.
The cost of "getting by" has risen by nearly a third for families since 2008 because of inflation and rising household bills, the report by the Joseph Rowntree Foundation (JRF) found. A lone parent with one child needs to earn £23,900 to reach an adequate standard of living, while single people need to earn £16,400 a year. This means earning an hourly wage of at least £8.38 for a single person, £9.39 each for a couple with two children and £12.20 for a lone parent with one child.
Pensioner couples need £231.48 a week, which is attainable providing they claim all the support they are entitled to. One person in four in the UK is estimated to live below this minimum income standard (MIS) – three million more than in 2008.
Subscribe to Independent Premium to bookmark this article
Want to bookmark your favourite articles and stories to read or reference later? Start your Independent Premium subscription today.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies