Both parents forced to work
May 4, 2007 by admin
Filed under News, News-Banking
As the cost of running a home continues to grow, new research shows that millions of mothers are being forced to return to work so that they can keep up with bill payments.
Scottish Widows has revealed that 11 million households in the UK are dependent on two salaries to keep up repayments, while the average household with two children is £100,000 in debt.
That figure stands at £20,000 more than a household without children and it is forcing both mother and father to go out and work.
“This reliance on two incomes to buy and run the family home means millions of households are effectively doubling the risk of financial hardship should one of bread winners become unable to work,” said Richard Jones, Scottish Widows’ interim protection market director.
Figures from the research show that many families are struggling due to the levels of consumer debt they have, with a rise in the number of children being linked to the size of the debt.
Almost half (47 per cent) of families have a mortgage, with the debt from this rising from an average of £66,600 for a couple with no children, to £80,200 for a couple with three.
Around 63 per cent have a store or credit card, with the debt for a childless couple standing at £4,300 and growing for those with three children to £6,510.
Parents and prospective parents are advised to set up a savings fund to protect themselves and their children should their circumstances change.
