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A recent survey by Scottish Widows suggests that almost half of all families in the UK now rely on two salaries. According to the survey, these families need two incomes to be able to buy a home, pay household bills and have a reasonably comfortable standard of living. One quarter of families also said they have little or no savings.
Mothers of young children are finding they have to return to work and if there is more than one child then the pressure on the family finances can be even greater. The survey showed that in this group 51% could not manage without two incomes. In general debt levels are likely to increase with the size of the family. An average household with two children is repaying £100,000 on their mortgage, loans and credit cards. If there are no children then the average amount is £82,000.
Scottish Widows point out that if a family relies on two salaries to cover everyday bills, then they are at twice the risk of financial difficulties due to loss of earnings, particularly if they have no savings to fall back on. For example they will face financial hardship if someone is unable to work, perhaps through ill health or unemployment.
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