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Eight more years until ‘the Squeezed Middle’ get back to pre-recession lifestyle

1/23/2012

Britons who fall into the category of ‘the Squeezed Middle’ may have to wait for a further eight years before they earn the income they received before the recession according to a study commissioned by the independent think-tank the Resolution Foundation.

There could be as many as 5.8 million households in the UK who are feeling the pinch and finding it difficult to afford essential bills.

Around 45 per cent of this group can’t afford to go on holiday. A further 24 per cent can’t afford a night out with family or friends once a month and eight per cent don’t even have any surplus to buy two decent pairs of outdoor shoes.

The study, Squeezed Britain, calculates that the annual cost of putting food on the table has risen by £427 ahead of any increase in income over the last ten years.

It states, “Job insecurity and low pay are the pervasive feature of Squeezed Britain. Theirs is a daily struggle to keep up with the rising costs of essentials and to meet goals such as saving or buying a home.”

Categories; Current UK Economy, Income Worries and Debt, Housing Debt and Bills,