Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.Families are divided by a growing income gap despite their typical earnings reaching a nearly three-year high.
The latest Aviva Family Finances Report shows that while more families than ever have savings, an increasing number have less than a month’s salary to fall back on, as fears grow over the rising cost of living.
The typical monthly income of UK families reached a high – since January 2011 – of £2,166 in December.
Family incomes have risen consistently during the last 18 months and by 12 per cent since January 2011 when the typical family took home £1,937 a month.
But divorced, separated or widowed parents have seen their monthly incomes fall by 14 per cent over the same period to £1,189.
The cost of living has worn away at family savings over the last year. Families with less than £500 put away jumped from 14 per cent to 30 per cent over 2013. Meanwhile, the percentage with less than £2,000 to fall back on climbed from 28 per cent to 40 per cent.
Louise Colley of Aviva said: “The cost of living is uppermost in many people’s minds this winter. Growing incomes mean some families will be starting the new year in a better financial position than they have become accustomed to in the last three years.
“But sadly the widening gap between the ‘haves’ and ‘have-nots’ means this cheery outlook will not be shared by all.”
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments