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.
The past five years have seen a “relentless” rise in the number of British parents being pushed into poverty despite being in employment. That’s according to a new report published by the Joseph Rowntree Foundation (JRF), which has highlighted the growing prevalence of in-work poverty among families across the country. Roughly one in five (22 […]
Amidst the flurry of social gatherings, last minute shopping, and getting in the supplies for hosting the big Christmas dinner, the festive season can end up being extremely expensive. While we all want to enjoy this time of year, it is important not to let your budget run away with you. If you are wondering […]
The Rental Exchange scheme is a new initiative which allows tenants to have their monthly rental payment recorded on their credit file. This is a huge step forward for tenants, who until now, were not rewarded for consistently paying their rent on time. This is in contrast to homeowners, whose monthly mortgage payment is recorded […]
The debt arrangement scheme, or DAS, is a government-backed procedure designed to offer residents of Scotland who are experiencing escalating debt the chance to fully repay their creditors rather than declare full insolvency. Every type of debt solution has its benefits and drawbacks, so let’s have a look at some of the pros and cons […]
Entering into a Scottish trust deed is an effective way to escape unmanageable debt, and allows for a fresh financial start once the trust deed term has come to an end. As with all official debt procedures, however, there are negative aspects that require consideration. One of these factors is the adverse effect a trust […]
Trust deeds are formal insolvency procedures that are available only in Scotland. They offer a viable alternative to bankruptcy if you’re struggling to repay unsecured debt, and generally last for three to four years. Trust deeds work by transferring your assets to the trustee, and making a single affordable monthly repayment that is then distributed […]