Families ‘relying on two incomes’

Households are depending on two incomes in order to cover living expenses and avoid falling into debt, a new survey has revealed.

A study by Scottish Widows found that the parents in 11.9 million families are both working in order to bring in enough money to maintain a good standard of living.

And 61 per cent of households that include dependent children are relying on two incomes, with these families carrying at least £9,359 in short-term debt over the last three months.

Richard Jones of Scottish Widows noted: “Families just don’t have the luxury anymore of being able to have one parent at home to take care of the children.”

Those who have found themselves in this position may wish to carry out more effective debt management in order to avoid falling into further financial difficultly.

Barclays Financial Planning recently found that many people have not taken out income protection cover, which would provide financial assistance to families if one or more parents were unable to work.

By Tom Musk