UK Wedding News
12/08/2015
According to the latest Aviva Family Finance Report, the last six months have seen a typical family's income reach its highest level since March 2012. The typical family was also found to be saving a record £113 per month, however, the report also found that the income gap between family types has increased, with many families unable to save each month, and ultimately leaving them vulnerable to financial pressure, especially as debts have also increased.
The study found that, after tax, a typical family's monthly income after tax reached £2,126 in May, but the gap between the "haves" and "have nots" is larger than ever. For example, couples with plans to have children have made the greatest gains since November 2014, seeing their monthly incomes increase by £339 from £2,122 to £2,461.
This is more than twice the rise experienced by any other family type.
On the other end of the scale, are parents who are raising children alone (either as single parents or as a result of being divorced, separated or widowed) who have seen their monthly incomes fall from £1,176 to £1,077 over the same period. They have also experienced the widening gap between their income and that of the typical family from £866 to £1,049, over the last six months.
Elsewhere, while the percentage of families taking home at least £2,500 a month has jumped from 39% to 43% in the last six months, the proportion taking home £1,000 or less has stayed the same at 10%.
Looking at savings, higher incomes mean the typical family is saving more and putting aside an average of £113 a month. This compares to £99 in November last year. However, 26% of families are not saving anything each month, with 17% having no savings to fall back on.
The findings suggest that families who can afford to save are making efforts to put more money away, but the situation has not improved for those who were previously struggling financially.
Commenting on the report, Louise Colley, Managing Director, Protection at Aviva, said: "This summer's Family Finances Report brings great news for some British families, but also rings alarm bells for others. Overall, the typical family has got more money in its budget and is using it to save more and reduce their financial vulnerability.
"However, we must not overlook the growing number of families in danger of being left behind by this resurgence. In particular, single parents face a challenge to maintain their standards of living on lower incomes and it is no wonder that many families are still finding it a struggle to put money away each month.
"It is also a concern to see rising levels of debt that are requiring families to make ever-increasing monthly repayments. With this in mind, it's important to highlight and address the fragile footing of some British families so they are not left exposed if their circumstances should change."
(JP)
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Report Reveals Increasing Financial Inequality Among UK Families
A new report has revealed that a widening financial gap among families in the UK is being hidden by increasing incomes and savings pots.According to the latest Aviva Family Finance Report, the last six months have seen a typical family's income reach its highest level since March 2012. The typical family was also found to be saving a record £113 per month, however, the report also found that the income gap between family types has increased, with many families unable to save each month, and ultimately leaving them vulnerable to financial pressure, especially as debts have also increased.
The study found that, after tax, a typical family's monthly income after tax reached £2,126 in May, but the gap between the "haves" and "have nots" is larger than ever. For example, couples with plans to have children have made the greatest gains since November 2014, seeing their monthly incomes increase by £339 from £2,122 to £2,461.
This is more than twice the rise experienced by any other family type.
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On the other end of the scale, are parents who are raising children alone (either as single parents or as a result of being divorced, separated or widowed) who have seen their monthly incomes fall from £1,176 to £1,077 over the same period. They have also experienced the widening gap between their income and that of the typical family from £866 to £1,049, over the last six months.
Elsewhere, while the percentage of families taking home at least £2,500 a month has jumped from 39% to 43% in the last six months, the proportion taking home £1,000 or less has stayed the same at 10%.
Looking at savings, higher incomes mean the typical family is saving more and putting aside an average of £113 a month. This compares to £99 in November last year. However, 26% of families are not saving anything each month, with 17% having no savings to fall back on.
The findings suggest that families who can afford to save are making efforts to put more money away, but the situation has not improved for those who were previously struggling financially.
Commenting on the report, Louise Colley, Managing Director, Protection at Aviva, said: "This summer's Family Finances Report brings great news for some British families, but also rings alarm bells for others. Overall, the typical family has got more money in its budget and is using it to save more and reduce their financial vulnerability.
"However, we must not overlook the growing number of families in danger of being left behind by this resurgence. In particular, single parents face a challenge to maintain their standards of living on lower incomes and it is no wonder that many families are still finding it a struggle to put money away each month.
"It is also a concern to see rising levels of debt that are requiring families to make ever-increasing monthly repayments. With this in mind, it's important to highlight and address the fragile footing of some British families so they are not left exposed if their circumstances should change."
(JP)
Top stories
20/03/2020
LeToya Luckett-Walker Is Pregnant
Charlotte Crosby Finds New Romance
Lydia Bright Gets Candid About Giving Birth
Lana Del Ray Splits From Boyfriend
Angelica Ross Learns Of Boyfriend's Secret Life
Ashley Graham's Breastfeeding Struggle
Susanna Reid's Mother's Day Plans
Lin-Manuel Miranda Homeschooling Kids
Kristen Bell Speaks Of Pride For Daughters
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