Families now need nearly £37,000 a year just to make ends meet
A family of four now needs to earn nearly £37,000 a year in order to afford a ‘socially acceptable’ standard of living, new research has revealed.
The study has found that the income parents need in order to make ends meet and give their child a good standard of living has risen by a third since a similar pre-recession study in 2008.
Soaring childcare bills, a rise in transport costs and a cut to child tax credits are the main reasons why families have been hit hardest.
Families are said to need at least £455 a week to spend on essentials (excluding rent), meaning that if just one parent works, they would need to earn £34,900 a year in order to be left with enough.
The study revealed worrying figures that mean parents need to earn much more than the minimum hourly wage in order to support their families and that those out of work will be short by £108 every week.
But just what is classed as an essential? For the first time parents have now deemed a second-hand car and a computer as an essential for a decent standard of living.
What do you class as an essential – and do you think £455 a week is enough to support a family of four?