18th November 2015
Nearly half of all couples are dependent on a double income to pay for essentials, a new study reveals.
Figures from LV= show that 45% of couples, equivalent to 3.2 million households, are now reliant on two incomes to make ends meet, and would struggle to cope if they lost one of their incomes.
Although some depend on both incomes to keep a roof over their heads, an additional three in ten couples (29%) rely on a double income to maintain the quality of their lifestyle, but even these more affluent individuals would have to make significant adjustments if one member became unable to work.
Across all couples, a third (34%) admitted they would have to make substantial changes to their lifestyle if one partner was unable to work. Three in five (59%) would have to cancel holiday plans, while one in five would sacrifice gym memberships (21%) in order to save money. Others would have to make more drastic changes like downsizing their house (13%) or asking family for additional help with childcare (10%).
Myles Rix, managing director of Protection at LV= says: “Millions of couples in the UK are reliant on having two incomes to pay the bills and would have to make significant changes if one of them was suddenly unable to work due to accident or illness.
“Despite this very few have a financial contingency plan.”