Debt concerns ‘force mums back into work’
Increasing debt management problems are causing millions of mothers to re-enter the workplace, new figures reveal.
Research conducted by Scottish Widows indicates that 3.5 million families are now reliant on more than one salary as the average two-child household owes more than £100,000 in debt.
Richard Jones, interim protection market director for the firm, said: "This reliance on two incomes to buy and run the family home means millions of households are effectively doubling the risk of financial hardship should one of [the] bread winners become unable to work."
He added that a combination of recent job security and low interest rates has caused borrowing to become a popular option for many consumers
However, Mr Jones suggested that such a culture of debt "eats into our take home pay and exposes us to financial hardship should we be unable to work".
The study also revealed that 60 per cent of British households have secured or unSecured Loans, finance agreements or overdrafts.
Last month, a study by Sainsbury’s Bank revealed that the annual cost of living has risen by 12 per cent, or £1,199 since 2004-05, a figure which is likely to increase the cost of monthly loan repayments for many consumers.
Interfinancial providing you with breaking debt management news.
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