Average monthly income gap over \u00a3400<\/p>\n
Britons face an income gap of \u00a3411 per month between their current net income and what they believe would allow for a comfortable life, according to new research from Aviva.<\/p>\n
The insurer\u2019s latest \u201cTimes of our Lives\u201d report puts the perceived shortfall at \u00a37,236 per year gross, although the 25 to 34 age group felt in need of an extra \u00a3627 per month net, equivalent to an annual gross increase of \u00a312,003.<\/p>\n
For 35 to 44 year-olds, \u00a3596 extra per month (\u00a310,762 per year) would sort the household budget and Aviva points out that people in this \u201csqueezed middle\u201d group often have to balance high levels of debt with a young family, increasing the financial pressures faced.<\/p>\n
Notably, when asked about their worries, \u201csqueezed middle\u201d respondents were more concerned than others about making ends meet and meeting unexpected costs.<\/p>\n
Meanwhile, the over 65s were looking for just \u00a323 per month extra, both wealth and contentedness having increased in older age.<\/p>\n
According to the study, net household wealth grows steadily through life, rising to \u00a3308,317 for an average homeowner aged 65 plus.<\/p>\n
Unsurprisingly, homes are the biggest source of wealth and the importance placed on possessions and protecting them comes to the fore for the over 65s, with home insurance the least likely item to give up, after their car.<\/p>\n
Commenting on the findings, Aviva\u2019s business development manager, Simon Warsop, says: \u201cThis income gap is understandable, as people in the middle age groups see average household income drop and often face the additional costs of raising children, while debt remains high.\u201d<\/p>\n
source: www.insurancedaily.co.uk<\/p>\n","protected":false},"excerpt":{"rendered":"
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