How much does a family of four need for a ‘decent’ standard of living?

How much does a family of four need for a ‘decent’ standard of living?The answer, according to a recent report, is £36,800 per year where the family is made up of two parents and two children. For single parent families the figure falls to £23,900 per year. The figure, known as the Minimum Income Standard (MIS), is given in a report by the Joseph Rowntree Foundation and is a third higher than before the recession, ...

Savings levels fall as living costs for parents rise

Two recent reports have shown how many people are struggling in these financially difficult times. Research from National Savings & Investments (NS&I) shows that over six million people have no savings. A separate report from the Joseph Rowntree Foundation has found that the minimum income needed to be earned by parents to give their family an acceptable standard of living has risen over the past year. Savings The NS&I survey found that people were saving on average 8% of their monthly income, which equated to around £100 per month, interestingly men are saving more than women. The survey found that most people do not ...