Are you having troubles making ends meet?
May 26, 2007 by Michael Redbourn
A new study suggests that nearly one half of UK households require more than one salary in order to maintain a satisfactory standard of living.
Recent research from a Scottish Widows (an award winning Financial Adviser Life & Pensions Company) survey found that forty four per cent of families were dependent on two or more salaries to pay the bills and to live comfortably.
This already high figure rose to forty nine per cent for families raising one child and to fifty one per cent for households with two children.
The study reported that the levels of household debt also increased along with having children.
It also found that the average two children household is burdened with more than £100,000 of mortgage and unsecured debt as against those families with no offspring who have around £82,000 in secured and unsecured debt.
According to the study, even though many families are dependent on more than one salary a large proportion have not yet set aside enough ‘rainy day’ money to help them in the case of redundancy or other mishap.
Figures showed that more than a quarter of all those questioned had no savings at all whilst a further twenty five per cent had less than £3,000 in the bank.
Just under 5,000 people were took part in the survey.