If anyone out there was wondering about the point of all the family friendly legislation research by Scottish Widows has revealed that more than 11 million UK households depend on more than one salary to cover the bills.
And of the 7.1 million households with dependent children, 3.5 million rely on two salaries to make ends meet – meaning many mothers have returned to work from necessity rather than choice.
To make matters worse, levels of debt increase with the number of children. Scottish Widows measured the amount outstanding on mortgages, loans and credit and store cards and found the average family with two children is £100,600 in debt – owing £19,100 more than the average household with no children.
Scottish Widows’ interim protection market director Richard Jones says: “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.”
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