Published on June 29th, 2013 | by Kelly Rose Bradford0
The cost of single parenting – do you survive on under £25k?
Research carried out by the Joseph Rowntree Foundation has revealed that single parent families need an income of £25k just to survive.
They say the price of the minimum standard of living has risen by a quarter over the past five years, with the increased costs of childcare, energy, rent and food being a major contributor.
While a working couple with two children now need to earn £19,400 each to maintain ‘adequate living standards’, the JRF found that a lone mum or dad needs to bring home around £25,600.
Back in 2008 when the JRF carried out similar research, the figure was £13,000.
The Foundation reports that if that 2008 figure had risen in line with inflation, today, single parents would only be taking home a pre-tax income of £14,000. The JRF says this is around £3,000 short of the £16,850 needed to cover the higher costs of living in 2013.
The report can be downloaded here.
What does this research mean to you? Do you have a figure you strive to bring home each week/month in order to live comfortably as a single parent? Or do you think it is just simply the case that one-income single-parent families are always going to struggle?