Working parents with two children need to bring in a combined annual income of almost £37,000 to continue to live to an ‘acceptable' standard, new research suggests.
A single person needs to earn at least £15,000 a year before tax in 2011 to afford a minimum acceptable standard, while a couple with a single earner and two children needs at least £31,600, according to a study by charity Jospeh Rowntree Foundation (JRF). Meanwhile, the minimum cost of living is rising and was 5% higher than in 2010, the report said. Analysis by JRF found the rise in personal tax allowances in April 2011 means that, for a single person to afford the minimum, the wages required have increased by less than inflation. However, for families, the earnings required to m...
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