Cost of Living Requires Two Incomes

Almost half of all households (47%) are relying on more than one breadwinner to keep a comfortable standard of living, as the credit crunch grips the UK.

Research by Scottish Widows discovered that 61% of households with children must rely on two sources of income to keep their debt management under control. This type of household commonly has £88,500 of mortgage debt outstanding, in comparison to an average of £7,223 worth of mortgage debt for those with no children.

Spokesperson Richard Jones, commented: “Families just don’t have the luxury anymore of being able to have one parent at home to take care of the children and the running of the household if they want to maintain the lifestyle that they have become accustomed to.”