If you’re an average middle class family, you are likely to be £1,800 a year worse off by 2015.
This is according to new research carried out by the Institute of Fiscal Studies (IFS).
A typical family with two children will see a £34 a week drop in their household income, as a result of price inflation.
The IFS found that better off families suffered disproportionately in the years following the global financial crisis.
Those families with household earnings over £48,000 a year saw their real incomes fall by 6.3% between 2007/08 and 2011/12, the years following the recession.
One way to ensure that your family is not £1,800 a year worse off by 2015 is to undertake proper Financial Planning.
Establishing a comprehensive Financial Plan as well as understanding your income and expenditure requirements are essential for ensuring that your household income remains sufficient to fund your desired lifestyle, both now and in the future.
