UK Wedding News
18/11/2015
The research, which has been commissioned by LV=, discovered that 45% of cohabiting couples are dependent on both incomes to pay for essentials, while 14% said they are struggling to make ends meet, even with two incomes.
While many couples said the incomes were needed to keep a roof over their heads, 29% admitted they rely on a double income to simply maintain the quality of their lifestyle. If something was to happen to that income, however, adjustments would have to be made to their way of life.
In general, 34% couples said they would have to make 'substantial changes' to their lifestyle if one partner was unable to work. Some 59% said they would have to cancel holiday plans, while 21% would give up their gym membership. 13% admitted they would downsize their house, while 10% would ask their family for more help with childcare.
Elsewhere, the study referred to DINKYs (Double Income, No Kids Yet), but said that there was now a 'worrying rise' in DINO (Double Income, No Options) households. For example, DINOs are more likely to change their shopping habits in the wake of an income loss, with 46% saying they would shop at cheaper supermarkets. This compares to 23% of couples who said they need two incomes to maintain their lifestyle. Furthermore, 12% of DINOs confessed they would have to visit food banks in order to just put food on the table.
Almost half of all couples surveyed (47%) said that if it was possible, they would ideally have one person 'keep house' and rely on one wage. This is, sadly, impossible for many, but also becoming more difficult for many more as a number of couples with double incomes said their combined wages were not stretching as far as they were this time last year.
Commenting on the findings, Myles Rix, Managing Director of Protection at LV=, said: "Millions of couples in the UK are reliant on having two incomes to pay the bills and would have to make significant changes if one of them was suddenly unable to work due to accident or illness.
"Despite this very few have a financial contingency plan, like Income Protection, which would enable them to focus on recovering without the additional stress of paying the bills."
(JP/LM)
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Millions Of Couples Rely On Both Incomes – Survey
A new survey has revealed that millions of couples in the UK are now relying on two incomes in order to just make ends meet. In addition, if one of those incomes was to disappear, the couples would struggle to cope.The research, which has been commissioned by LV=, discovered that 45% of cohabiting couples are dependent on both incomes to pay for essentials, while 14% said they are struggling to make ends meet, even with two incomes.
While many couples said the incomes were needed to keep a roof over their heads, 29% admitted they rely on a double income to simply maintain the quality of their lifestyle. If something was to happen to that income, however, adjustments would have to be made to their way of life.
In general, 34% couples said they would have to make 'substantial changes' to their lifestyle if one partner was unable to work. Some 59% said they would have to cancel holiday plans, while 21% would give up their gym membership. 13% admitted they would downsize their house, while 10% would ask their family for more help with childcare.
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Elsewhere, the study referred to DINKYs (Double Income, No Kids Yet), but said that there was now a 'worrying rise' in DINO (Double Income, No Options) households. For example, DINOs are more likely to change their shopping habits in the wake of an income loss, with 46% saying they would shop at cheaper supermarkets. This compares to 23% of couples who said they need two incomes to maintain their lifestyle. Furthermore, 12% of DINOs confessed they would have to visit food banks in order to just put food on the table.
Almost half of all couples surveyed (47%) said that if it was possible, they would ideally have one person 'keep house' and rely on one wage. This is, sadly, impossible for many, but also becoming more difficult for many more as a number of couples with double incomes said their combined wages were not stretching as far as they were this time last year.
Commenting on the findings, Myles Rix, Managing Director of Protection at LV=, said: "Millions of couples in the UK are reliant on having two incomes to pay the bills and would have to make significant changes if one of them was suddenly unable to work due to accident or illness.
"Despite this very few have a financial contingency plan, like Income Protection, which would enable them to focus on recovering without the additional stress of paying the bills."
(JP/LM)
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