Report highlights cost of “minimum living standard”

A new report has highlighted the costs associated with attaining a “minimum living standard” in the UK.

The views of people in a range of different circumstances were canvassed and the conclusion drawn was that a single person needs to spend £158 each week to meet their costs and live reasonably.

A couple with two children need to spend roughly £370 each week, excluding their housing costs, while an old-age couple can keep themselves happy with £200 per week, according to Joseph Rowntree Foundation’s assessment.

Millions of people do not have enough money to live in what the foundation estimates to be a minimally decent life and many households face a more difficult financial struggle because of their debt management problems.

Earlier this week, the Treasury announced its plan to bolster the efforts of credit unions to offer relatively inexpensive loan deals to individuals in their local communities.

By Simon Dean