Cost of Living – Is it Realistic?

Research published by the Joseph Rowntree Foundation (JRF) has suggested that a salary of £14,400 is the minimum a single person needs for an acceptable standard of living.

The JRF indicator includes basics like food and housing, but also the essentials needed to 'participate fully in society' including mobile phones, the internet and socialising. However, it does not include travel and transport costs.

If this is a realistic minimum requirement for earnings, it is above the official government poverty threshold and is also significantly higher than the amount you would expect to earn on the minimum wage, currently £5.80 an hour.

Is £14,400 really enough to meet a decent standard of living?

Read the full report on the JRF website: http://www.jrf.org.uk/publications/minimum-income-standard-2010

Read the BBC’s discussion on the minimum cost of living: http://news.bbc.co.uk/1/hi/business/10537363.stm

Let us know what you think!

Comments
Swann Recruitment

Aasif says:
Interesting article; I think while it's possible, it wouldn't allow for much of a buffer - I would have expected a truer figure to be around £16-18k. I'm surprised they would include phone, net and socialising costs, yet leave out travel in the assessment...
Posted on: 06 Sep 2010 01:02:23
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