Transport, Housing, and Childcare Costs, Affecting Living Standards in London
New research from Loughborough University found that one in three Londoners and 43% of couples living in London could not afford a decent standard of living.
The research classified a decent standard of living as being able to provide clothing, food, shelter, and afford to buy birthday presents for your child or go out for a cheap meal twice per month.
Senior research associate for Loughborough’s Centre for Social Policy said: “This is the first piece of research that has asked Londoners to look in detail at what is needed to lead a decent life.
“The findings can help policymakers to explore in more depth the impact of particular costs in London.
“For example, people may say a rent is unaffordable to someone on a particular income but what does that mean? You need to know how much people require, after paying their rent, to afford the other basics of life. This research provides those figures.”
The research also shows that where a third of Londoners did not have a decent standard of living, this figure dropped to 27% for the rest of the UK. It is believed that housing costs, transport costs, and childcare costs were making it difficult to ascertain a decent living standard.
Mubin Haq, Trust for London director who commissioned the research said: “This is not about just food, clothing and having a roof over your head. It’s about the difference between people being able to participate in society or not.
“It raises important questions about whether London is for everyone or does it become a city for the wealthiest?”
This research highlights how you might be tempted to curb back on investments which are going to keep you secure in your future. This would be a mistake, especially given that when you retire you could be left in a sorry state financially.
For this reason, it is a good idea to seek the help of a financial adviser who can discover the best financial products for your situation. This will ensure that even the smallest investments will yield the best possible return, and when you retire will give you a better quality of life than if you withdrew from investments due to high living costs.
To learn more about your financial options, get in touch today. Click here and complete the Call Back Service form. We can take a big picture view and find the best financial products open to you.
The Evening Standard