Rising debt forces parents to stay in work

18/01/2010

Couples with children no longer have the option of allowing one parent to remain at home with the child, as the majority of households have become dependent on two or more salaries.

Around sixty per cent of households with children rely on more than one salary in order to pay bills and maintain a comfortable standard of living, a survey from Scottish Widows has found.

The averages for mortgage and non-mortgage debt are higher among families with dependent children.

While the need for more than one salary is not exclusive to couples with dependant children, the increase in debt makes it a more common occurrence.

Clive Allison, protection director for Scottish Widows, commented: "The increase of debt for those with dependent children is worrying.

"People are leaving themselves exposed to a lack of income should anything happen to the main breadwinner, and large personal debt to repay on top of this could make things even more difficult."

The average household with dependent children has £91,468 outstanding on their mortgage, compared to £73,293 for those with no dependent children.

Tags; Income Worries and Debt,

• Share
• 
• 
• Store
• 
• Follow
•