Millions of working families one push from penury
Posted: 18 Jun 2012, 19:13
The Guardian - 18/06/12
Almost 7 million working-age adults are living in extreme financial stress, one small push from penury, despite being in employment and largely independent of state support, according to the most comprehensive study yet of the finances of employed households, commissioned by the Guardian.
Unlike the "squeezed middle", these 3.6m British households have little or no savings, nor equity in their homes, and struggle at the end of each month to feed themselves and their children adequately. They say they are unable to cope on their current incomes and have no assets to fall back on, leaving them vulnerable to something as simple as an unexpectedly large fuel bill.
The findings challenge the argument made by the work and pensions secretary, Iain Duncan Smith, who said last week that parents should get a job to ensure their children are not brought up in poverty.
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