Money woes hit young families hard

Money woes hit young families hard

Wednesday 18 April 2012

Money woes

Young families are among the groups facing the tightest squeeze to their household incomes as the UK's economic woes take hold, new figures have revealed.

Those in the 35-44 age group, struggling with large debts and with young children to look after, were highlighted as the most "financially squeezed" in Aviva's new Times of Our Lives report.

A third of people in this age group said 'how to pay for unexpected costs' was a key worry for them.

Britons as a whole typically face an "income gap" of £411 a month - in other words, a shortfall between what they take home each month and what they would actually need to live on comfortably.

Interestingly, grandparents appear willing to accept a squeeze on their finances more than other groups in the survey - those aged over 65 said they need £380 extra each year, which is in sharp contrast to 25 to 34-year-olds with a monthly net income of £2,287 who said they need £12,003 more a year.

Copyright Press Association 2012

Click here for more news stories