A UK family needs to earn £30,000 a year ‘to survive’ – and that’s without holidays or restaurant meals!
A shocking report by Guest Blogger Camilla Canocchi
The UK family spend nearly £25,000 on just the bare essentials, according to Skipton Financial Services
British families need to earn nearly £30,000 a year just to survive, even without ‘luxuries’ like holidays and meals out, according to a survey.
The study suggests that an average family now needs £24,801.51 every year for essential expenditure such as mortgage or rent payments, utilities, insurance, food, petrol, mobile phone and landline costs, and clothing.
And to have that amount as disposable income after tax and national insurance requires a gross income of at least £30,000.
Skipton Financial Services said the figure has increased by £129.35 since last year, with some costs rising and others falling back.
The biggest costs faced by a family are those for mortgages, which amount on average to £4,514.88 a year, for food, which comes up to £4,491.24, and petrol at £2,667. But the total figure does not include non-essential expenditure such as holidays, restaurant meals and unplanned shopping.
Andrew Barker, managing director of Skipton Financial Services, said: ‘The worrying thing is that the report doesn’t include any luxuries whatsoever, the figures only refer to the money people need to survive.’
He added: ‘Don’t forget that £24,801.51 is the figure UK families need to bring home so, once income tax and national insurance has been taken into account, a basic rate taxpayer would actually have to earn well over £30,000.’
Petrol and food costs have both increased on last year, respectively by £215.28 and £33.28, while commuting to work is £216.32 more expensive than last year.
Other payments which have gone up over the past twelve months include home insurance, which has risen from £431.40 to £442.56, and mobile phone bills, which have gone up from £368.52 to £395.40.