19 Million Brits ‘Just About Managing at Best’
February 15, 2017
As many as 19 million British people are living on inadequate or barely adequate incomes and can be described as “just about managing at best” from a personal finance perspective.
That’s according to a new report released by the Joseph Rowntree Foundation (JRF), a social policy research charity, which has aimed to highlight the financial difficulties that many thousands of families in the UK are currently facing.
The report also raises concerns that increases in inflation rates could soon mean that there are many more Brits who can be counted among those whose incomes are barely enough to get them by.
Its assessment is that there are millions of individuals and families around the country who could be tipped into poverty in the coming years if the cost of living increases consistently between now and 2020.
The risks in this context are reckoned to be particularly acute for lone parents and households in which there are several children but only one parent working on a full-time basis.
“These stark figures show just how precarious life can be for many families,” said Campbell Robb, chief executive of the JRF.
“Government focus on people on modest incomes is welcome, but it cannot be at the expense of those at the poorest end of the income scale: it must remember ‘just about managing’ today can become poverty tomorrow.”
A major problem for many people and families throughout the UK is that the costs of essential goods has been rising at a considerably faster pace than average wages since 2008.
The JRF is concerned that the cost of living could rise by a further 10 per cent by 2020, with wage rises not expected to keep pace with that kind of an increase within the same timeframe.
“The high cost of living has already helped push four million more people [since 2008/09] below an adequate income, and if the cost of essentials such as food, energy and housing rise further, we need to take action to ease the strain,” says Campbell Robb from the JWF.
If you live anywhere in Scotland and your financial issues have left you with serious debt problems then Scotland Debt Solutions can help. Contact us today to arrange a free and confidential consultation.
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