Find out what our customers have to say about our service.Read more
Slump hits families on low pay hard
Monday March 8th 2010
The recession has seen many families on low pay struggle with their overheads and making ends meet, a report warned.
People on low incomes have been hit harder by the economic downturn than high earners or households that were dependent on benefits, the Resolution Foundation said.
They were left vulnerable to becoming reliant on benefits as their financial position was often overlooked, the think tank said.
One protection against the risk of losing your house in the case of becoming ill and unable to work or losing your job is by taking out mortgage protection insurance. Mortgage payment protection allows you the ability to help you maintain payment on your mortgage and other related expenses for the period agreed in the case of illness or redundancy.
The Resolution Foundation report found people in households earning between £13,500 and £25,800 a year were more likely to have seen their incomes drop than other groups, particularly among those aged between 25 and 34, two-thirds of whom have suffered pay falls.
The Resolution Foundation also warned this group were experiencing higher levels of inflation than higher earners due to the fact they spend 41% of their income on essential items such as food and fuel, which have seen steep price hikes in recent years.
Copyright © Press Association 2010
If you're looking for great value, high quality Mortgage Payment Protection Insurance with added benefits you've found it.