New report on Minimum Income Standard
Joseph Rowntree Foundation have published a new report on Mimum Income Standard. The Minimum Income Standard (MIS) is based on what the public think we all need for a decent minimum living standard. This year’s update includes new research on what working-age adults and pensioners say is needed, and looks back at ten years of MIS research.
It shows that:
- Minimum household budgets have risen by about a third since 2008 for most household types, and a half for pensioners, compared to a 25% rise in the Consumer Prices Index.
- Many costs have remained stable, but some have changed substantially, restricting and restraining families on lower incomes. For example, transport costs have risen from around 10% to nearly 20% of minimum household budgets, other than for pensioners who receive free bus travel.
- Technology is increasingly important as part of a social minimum. A laptop, broadband internet and a basic smartphone cost less today than paying for a landline telephone and a pay-as-you-go mobile did in 2008. Technology is also affecting minimum costs by enabling people to shop online and make price comparisons.
For the full findings and report, see here.