The concept of the ‘traditional’ family is now outmoded and
current thinking shows that family means different things
to different people. As such 84% of the UK now lives as part
of a modern family group and plays a significant role in the
economy and society as a whole. The Aviva Family Finances
Report looks at different types of family and their individual approaches to finances
including wealth, debt and expenditure.
The Aviva Family Finances report - January 2013Aviva plc
The Aviva Family Finances Report looks at the contrasting experiences of different family types. As well as tracking this data over time, this edition also examines the challenges facing a modern young family. How does raising children impact parents’ approaches to work and ambitions? What financial decisions do they face? When do they make them and what compromises do they make? How much pressure do they experience in comparison to their own parents, and what do they predict for the financial prospects of their children?
Aviva’s first How We Live report was published in September 2020 when the world was firmly in the grip of a global pandemic. In the UK the vaccination programme is well underway and the mood of the nation is hopeful. This latest How We Live report looks at the long-term effects of the Coronavirus outbreak and considers its impact on our future behaviours.
We interviewed 4,000 adults across the UK to gather their views on a wide range of lifestyle decisions including property priorities, home-working, green living, career paths, vehicle choices and holiday plans. We also asked whether people had experienced any positive outcomes from the Covid pandemic. This report considers the practical and emotional skills which have been fostered as a result. Since the beginning of 2020, the UK has seen immense change. As we look forward to a sense of “normality” it remains to be seen which aspects of life will return to their previous states, and where we can expect changes to become permanent fixtures.
- Consumer price inflation in Latvia continued to decline in January 2012, reaching 3.6% year-over-year from 4.7% in August 2011. The largest price increases were in housing and transportation.
- Food price inflation also slowed, with food prices only 3.7% higher than a year ago. Several goods experienced deflation, including clothing, healthcare, communications, and education.
- Looking ahead, heating tariffs and fuel prices are expected to increase inflation in coming months, though to a lesser degree than in January, with inflation stabilizing in the summer unless geopolitical conflicts disrupt oil markets. Overall, consumer price growth in Latvia is forecast to continue decelerating in 2012.
The UK housing market is in a period of transition. The decline and stagnation of the last five years is in reverse and we are seeing the definite signs of a recovery.
This housing market update deals with the key indicators of UK housing including the most recent data from Q2 2013.
The document provides information from an actuarial report on the Cook County Pension Fund for fiscal year 2012. Some key points include:
- The pension fund was only 53.5% funded in FY2012 and is projected to become insolvent in 2034 if no changes are made.
- The unfunded liability increased by over $1.6 billion since 2010 and was $6.79 billion in FY2012.
- The annual required contribution was $529 million but the county only contributed $190.6 million, leading to a growing shortfall.
In July 2012, Latvia saw consumer price inflation of 1.7% year-over-year, below the 2% target for the second straight month. Fuel prices declined in July according to government statistics, though they rose in the second half of the month. It is difficult to estimate the impact of a recent VAT rate cut due to typical seasonal food and clothing price declines. Inflation expectations among consumers and retailers have diminished in recent months. Annual inflation is projected to remain below 2% in the coming months, with a possible rise in the fourth quarter, though the forecast may be revised down given recent price trends.
The document summarizes Illinois' 2012 budget funding sources and spending. It states that the general revenue fund provides 50.3% of funding, other state funds provide 36%, and federal funds provide 13.7%. It also states that human services receives 45% of state spending, education receives 42%, public safety receives 5%, and other receives 8%. The document then shows trends of increasing spending on Medicaid and pensions squeezing spending on other programs like education and agriculture.
The Aviva Family Finances report - January 2013Aviva plc
The Aviva Family Finances Report looks at the contrasting experiences of different family types. As well as tracking this data over time, this edition also examines the challenges facing a modern young family. How does raising children impact parents’ approaches to work and ambitions? What financial decisions do they face? When do they make them and what compromises do they make? How much pressure do they experience in comparison to their own parents, and what do they predict for the financial prospects of their children?
Aviva’s first How We Live report was published in September 2020 when the world was firmly in the grip of a global pandemic. In the UK the vaccination programme is well underway and the mood of the nation is hopeful. This latest How We Live report looks at the long-term effects of the Coronavirus outbreak and considers its impact on our future behaviours.
We interviewed 4,000 adults across the UK to gather their views on a wide range of lifestyle decisions including property priorities, home-working, green living, career paths, vehicle choices and holiday plans. We also asked whether people had experienced any positive outcomes from the Covid pandemic. This report considers the practical and emotional skills which have been fostered as a result. Since the beginning of 2020, the UK has seen immense change. As we look forward to a sense of “normality” it remains to be seen which aspects of life will return to their previous states, and where we can expect changes to become permanent fixtures.
- Consumer price inflation in Latvia continued to decline in January 2012, reaching 3.6% year-over-year from 4.7% in August 2011. The largest price increases were in housing and transportation.
- Food price inflation also slowed, with food prices only 3.7% higher than a year ago. Several goods experienced deflation, including clothing, healthcare, communications, and education.
- Looking ahead, heating tariffs and fuel prices are expected to increase inflation in coming months, though to a lesser degree than in January, with inflation stabilizing in the summer unless geopolitical conflicts disrupt oil markets. Overall, consumer price growth in Latvia is forecast to continue decelerating in 2012.
The UK housing market is in a period of transition. The decline and stagnation of the last five years is in reverse and we are seeing the definite signs of a recovery.
This housing market update deals with the key indicators of UK housing including the most recent data from Q2 2013.
The document provides information from an actuarial report on the Cook County Pension Fund for fiscal year 2012. Some key points include:
- The pension fund was only 53.5% funded in FY2012 and is projected to become insolvent in 2034 if no changes are made.
- The unfunded liability increased by over $1.6 billion since 2010 and was $6.79 billion in FY2012.
- The annual required contribution was $529 million but the county only contributed $190.6 million, leading to a growing shortfall.
In July 2012, Latvia saw consumer price inflation of 1.7% year-over-year, below the 2% target for the second straight month. Fuel prices declined in July according to government statistics, though they rose in the second half of the month. It is difficult to estimate the impact of a recent VAT rate cut due to typical seasonal food and clothing price declines. Inflation expectations among consumers and retailers have diminished in recent months. Annual inflation is projected to remain below 2% in the coming months, with a possible rise in the fourth quarter, though the forecast may be revised down given recent price trends.
The document summarizes Illinois' 2012 budget funding sources and spending. It states that the general revenue fund provides 50.3% of funding, other state funds provide 36%, and federal funds provide 13.7%. It also states that human services receives 45% of state spending, education receives 42%, public safety receives 5%, and other receives 8%. The document then shows trends of increasing spending on Medicaid and pensions squeezing spending on other programs like education and agriculture.
According to Statistics Estonia, consumer price growth in Estonia slowed to 3.7% in December from 4.2% in November. While food price growth contributed most to inflation in the first half of 2011, rising housing costs, such as for heat, electricity, and gas, were the main contributor to inflation by the end of 2011. In 2012, inflation is expected to slow further due to global deflation pressures, but domestic factors like increasing housing costs will continue to impact prices in Estonia.
Cook County spends $304.4 million annually on healthcare benefits for employees and retirees. Moving to a healthcare exchange could reduce these costs by $21-82 million annually. Transferring retiree healthcare obligations from the pension fund to the county, along with reducing COLAs for current employees and retirees to 3% or half of CPI and increasing employee contributions by 1%, could improve the pension fund's funded status to 88.1% by 2050.
In June, consumer prices in Lithuania declined for the first time in 2012, falling 0.1% due to lower fuel, vegetable, dairy, and clothing prices. Producer prices also declined for the third straight month. The chief economist forecasts further price declines this summer, with annual inflation reaching around 2.8% by year's end. Meeting the Maastricht inflation target of below 2% is possible early in 2013, though regulated prices such as gas and heating are expected to rise in the second half of the year.
The document summarizes a meeting of the Cook County Pension Sub-Committee where Commissioner Gainer presented several options to improve the funded status of the county pension plan including increasing employer and employee contributions as well as reducing retirement benefits, and discussed research on how 401k plans are used which found that loans, withdrawals and cash outs reduce future retirement income.
Flash comment: Latvia - September 10, 2012Swedbank
In August, Latvia experienced its fourth consecutive month of monthly deflation, driven by seasonal declines in fruit and vegetable prices as well as clothing and footwear. Annual consumer price inflation remained steady at 1.7% in August. While most price categories increased from a year ago, some prices like household equipment, clothing, and communications decreased. Inflation is expected to remain below 3% for the year, with prices growing slowly for the rest of 2012. Latvia is forecast to meet the EU's price stability criterion in March 2013.
Consumer price growth in Latvia continued to decline rapidly in May 2012, falling 0.2% month-over-month and 2.2% year-over-year as food, clothing, and household equipment prices rose more slowly than expected. Annual inflation is forecast to continue decreasing through June and potentially meet the Maastricht inflation criterion in early 2013, though planned tax cuts could push inflation lower than current forecasts. Overall the economic commentary from Swedbank expects Latvia's consumer price inflation to average 2.8% for the year.
This document discusses Xcel Energy's strategy for success through stakeholder alignment. It outlines Xcel's ability to meet renewable portfolio standards and environmental goals in its states. It also addresses upcoming public policy issues like potential federal climate legislation. The document details Xcel's growing renewable energy portfolio and transmission investments. It emphasizes Xcel's constructive regulatory environment and financial execution, delivering earnings and dividend growth.
Net worth is the total value of household assets minus liabilities. Median net worth in the U.S. increased from 2000 to 2005 but then decreased from 2005 to 2011, falling below the 2000 level. Regional trends varied significantly over this period, with the West experiencing the largest percentage changes. Changes in home equity were the primary driver of changes in overall median net worth.
A PowerPoint Chart Pack covering all aspects of the Northern Ireland Housing Market. It covers house prices, mortgage activity, housing starts and completions, affordability etc. Comparisons are made with the UK, Republic of Ireland and UK regions.
This is a great presentation of the choices before New Yorkers. Westchester for Change will be hosting a budget briefing in early February. We will have more details soon. We welcome you to join us for the briefing and follow up actions.
- In March 2012, consumer prices in Latvia increased 0.6% compared to the previous month and 3.3% compared to a year ago, a continued deceleration in annual inflation.
- The main drivers of monthly inflation were food, transport, and clothing prices, while annual inflation was highest for housing and transport.
- Higher global oil prices are expected to increase natural gas and heating tariffs in the coming months, but inflation is still forecast to fall further in April when electricity price increases from a year ago drop out of the annual calculation. Overall inflation for the year is expected to be revised up slightly from the previous forecast of 2.4%.
This document provides a monthly spending plan template for budgeting income and expenses. It includes sections to list income sources and priority-ranked expenses categories with space to plan amounts and track actual spending. Guidelines at the bottom suggest typical percentages of income to allocate to major expense categories like housing, food, utilities, transportation and savings. The template aims to help users balance their monthly finances through planning and tracking spending.
This monthly report discusses the potential economic impact of higher oil prices in early 2012. It finds that while higher gasoline prices are noticeable, current oil price increases are unlikely to trigger a recession for three main reasons: 1) oil prices have not risen enough compared to the past three years to be recession-inducing, 2) natural gas prices have diverged from oil prices and lowered overall energy costs, and 3) the US economy has become less dependent on energy over time. The report also provides an overview of recent economic conditions in the US and Nevada.
RED BOX, RED YEARS (THE TREND OF BUDGET, BUDGET SIZE INDEX AND BUDGET PER CAPITA IN UK)
http://iilss.net/
http://maynter.com
AWAKE LIONS (UK GOVERNMENTAL WEIGHT INDEX ANALYSIS)
UK WITH EU ACHIEVE TO WHAT? (UK POLITICAL WEIGHT INDEX ANALYSIS)
Swedbank was founded in 1820, as Sweden’s first savings bank was established. Today, our heritage is visible in that we truly are a bank for each and every one and in that we still strive to contribute to a sustainable development of society and our environment. We are strongly committed to society as a whole and keen to help bring about a sustainable form of societal development. Our Swedish operations hold an ISO 14001 environmental certification, and environmental work is an integral part of our business activities.
The document discusses the issue of rising housing prices and lack of affordable housing in Auckland, New Zealand. It notes that house prices have doubled in the last 10 years due to strong population growth, low interest rates, and insufficient housing supply. As a result, rental prices have increased significantly and home ownership has declined. The document argues that the government should build more affordable housing to address the supply shortage, improve affordability, and support lower-income households.
This document provides an overview and summary of Xcel Energy's strategy and performance. It discusses Xcel's positioning for renewable energy growth and potential federal climate policy. It also summarizes Xcel's financial performance, delivering 5-7% EPS growth and 2-4% dividend growth. Regulatory developments and rate cases are also addressed.
This document discusses common household expenses and categorizes them. It defines expenditure as spending on goods and services and identifies three types: fixed expenses like rent and bills that are regular; irregular expenses like groceries and petrol that fluctuate in amount; and discretionary expenses like holidays and presents that are non-essential purchases. It then lists some common expenses families face such as food and drink, electricity, internet and phone, transportation, and garbage disposal and recycling.
This handy one pager describes many of the possible services and topics you might need to discuss with a financial planner. If you are trying to assess whether you are working with the right person, make sure they are touching on all of these, and not just a product.
This document summarizes the key findings of a 2012 survey on household financial planning. It finds that many American families are struggling financially due to the tough economic conditions following the recession. Fewer people are saving for emergencies and their children's college education compared to 15 years ago. While most people have plans for specific spending goals, only about a third have comprehensive financial plans. The survey also finds that financial planning benefits people across all income levels by making them feel more confident and better able to meet financial goals.
Aviva's biannual UK Family Finances report (December 2014) reveals that:
> UK parents of 0-5s juggle earnings with childcare expenses
> 1 in 10 families using childcare for 0-5s say lower earner takes home nothing after childcare / work costs are paid
> Lower earner typically brings home just £243 after childcare / work costs are paid
> One in three families using childcare for 0-5s turn to grandparents
> Working parents are being hamstrung by childcare costs, with thousands effectively working for nothing, Aviva can reveal.
The company’s Winter 2014 Family Finances Report also reveals that one in 10 families paying childcare costs for youngsters aged 0-5, effectively see one earner bring home nothing from his or her job after childcare and work costs are taken into account.
Similarly one in four families in this position has one parent who brings home less than £100 a month after costs.
Find out more in the full report.
Infographics and quotagraphics to accompany this report are available on Flickr at https://www.flickr.com/photos/avivaplc/
#FamilyFinances
According to Statistics Estonia, consumer price growth in Estonia slowed to 3.7% in December from 4.2% in November. While food price growth contributed most to inflation in the first half of 2011, rising housing costs, such as for heat, electricity, and gas, were the main contributor to inflation by the end of 2011. In 2012, inflation is expected to slow further due to global deflation pressures, but domestic factors like increasing housing costs will continue to impact prices in Estonia.
Cook County spends $304.4 million annually on healthcare benefits for employees and retirees. Moving to a healthcare exchange could reduce these costs by $21-82 million annually. Transferring retiree healthcare obligations from the pension fund to the county, along with reducing COLAs for current employees and retirees to 3% or half of CPI and increasing employee contributions by 1%, could improve the pension fund's funded status to 88.1% by 2050.
In June, consumer prices in Lithuania declined for the first time in 2012, falling 0.1% due to lower fuel, vegetable, dairy, and clothing prices. Producer prices also declined for the third straight month. The chief economist forecasts further price declines this summer, with annual inflation reaching around 2.8% by year's end. Meeting the Maastricht inflation target of below 2% is possible early in 2013, though regulated prices such as gas and heating are expected to rise in the second half of the year.
The document summarizes a meeting of the Cook County Pension Sub-Committee where Commissioner Gainer presented several options to improve the funded status of the county pension plan including increasing employer and employee contributions as well as reducing retirement benefits, and discussed research on how 401k plans are used which found that loans, withdrawals and cash outs reduce future retirement income.
Flash comment: Latvia - September 10, 2012Swedbank
In August, Latvia experienced its fourth consecutive month of monthly deflation, driven by seasonal declines in fruit and vegetable prices as well as clothing and footwear. Annual consumer price inflation remained steady at 1.7% in August. While most price categories increased from a year ago, some prices like household equipment, clothing, and communications decreased. Inflation is expected to remain below 3% for the year, with prices growing slowly for the rest of 2012. Latvia is forecast to meet the EU's price stability criterion in March 2013.
Consumer price growth in Latvia continued to decline rapidly in May 2012, falling 0.2% month-over-month and 2.2% year-over-year as food, clothing, and household equipment prices rose more slowly than expected. Annual inflation is forecast to continue decreasing through June and potentially meet the Maastricht inflation criterion in early 2013, though planned tax cuts could push inflation lower than current forecasts. Overall the economic commentary from Swedbank expects Latvia's consumer price inflation to average 2.8% for the year.
This document discusses Xcel Energy's strategy for success through stakeholder alignment. It outlines Xcel's ability to meet renewable portfolio standards and environmental goals in its states. It also addresses upcoming public policy issues like potential federal climate legislation. The document details Xcel's growing renewable energy portfolio and transmission investments. It emphasizes Xcel's constructive regulatory environment and financial execution, delivering earnings and dividend growth.
Net worth is the total value of household assets minus liabilities. Median net worth in the U.S. increased from 2000 to 2005 but then decreased from 2005 to 2011, falling below the 2000 level. Regional trends varied significantly over this period, with the West experiencing the largest percentage changes. Changes in home equity were the primary driver of changes in overall median net worth.
A PowerPoint Chart Pack covering all aspects of the Northern Ireland Housing Market. It covers house prices, mortgage activity, housing starts and completions, affordability etc. Comparisons are made with the UK, Republic of Ireland and UK regions.
This is a great presentation of the choices before New Yorkers. Westchester for Change will be hosting a budget briefing in early February. We will have more details soon. We welcome you to join us for the briefing and follow up actions.
- In March 2012, consumer prices in Latvia increased 0.6% compared to the previous month and 3.3% compared to a year ago, a continued deceleration in annual inflation.
- The main drivers of monthly inflation were food, transport, and clothing prices, while annual inflation was highest for housing and transport.
- Higher global oil prices are expected to increase natural gas and heating tariffs in the coming months, but inflation is still forecast to fall further in April when electricity price increases from a year ago drop out of the annual calculation. Overall inflation for the year is expected to be revised up slightly from the previous forecast of 2.4%.
This document provides a monthly spending plan template for budgeting income and expenses. It includes sections to list income sources and priority-ranked expenses categories with space to plan amounts and track actual spending. Guidelines at the bottom suggest typical percentages of income to allocate to major expense categories like housing, food, utilities, transportation and savings. The template aims to help users balance their monthly finances through planning and tracking spending.
This monthly report discusses the potential economic impact of higher oil prices in early 2012. It finds that while higher gasoline prices are noticeable, current oil price increases are unlikely to trigger a recession for three main reasons: 1) oil prices have not risen enough compared to the past three years to be recession-inducing, 2) natural gas prices have diverged from oil prices and lowered overall energy costs, and 3) the US economy has become less dependent on energy over time. The report also provides an overview of recent economic conditions in the US and Nevada.
RED BOX, RED YEARS (THE TREND OF BUDGET, BUDGET SIZE INDEX AND BUDGET PER CAPITA IN UK)
http://iilss.net/
http://maynter.com
AWAKE LIONS (UK GOVERNMENTAL WEIGHT INDEX ANALYSIS)
UK WITH EU ACHIEVE TO WHAT? (UK POLITICAL WEIGHT INDEX ANALYSIS)
Swedbank was founded in 1820, as Sweden’s first savings bank was established. Today, our heritage is visible in that we truly are a bank for each and every one and in that we still strive to contribute to a sustainable development of society and our environment. We are strongly committed to society as a whole and keen to help bring about a sustainable form of societal development. Our Swedish operations hold an ISO 14001 environmental certification, and environmental work is an integral part of our business activities.
The document discusses the issue of rising housing prices and lack of affordable housing in Auckland, New Zealand. It notes that house prices have doubled in the last 10 years due to strong population growth, low interest rates, and insufficient housing supply. As a result, rental prices have increased significantly and home ownership has declined. The document argues that the government should build more affordable housing to address the supply shortage, improve affordability, and support lower-income households.
This document provides an overview and summary of Xcel Energy's strategy and performance. It discusses Xcel's positioning for renewable energy growth and potential federal climate policy. It also summarizes Xcel's financial performance, delivering 5-7% EPS growth and 2-4% dividend growth. Regulatory developments and rate cases are also addressed.
This document discusses common household expenses and categorizes them. It defines expenditure as spending on goods and services and identifies three types: fixed expenses like rent and bills that are regular; irregular expenses like groceries and petrol that fluctuate in amount; and discretionary expenses like holidays and presents that are non-essential purchases. It then lists some common expenses families face such as food and drink, electricity, internet and phone, transportation, and garbage disposal and recycling.
This handy one pager describes many of the possible services and topics you might need to discuss with a financial planner. If you are trying to assess whether you are working with the right person, make sure they are touching on all of these, and not just a product.
This document summarizes the key findings of a 2012 survey on household financial planning. It finds that many American families are struggling financially due to the tough economic conditions following the recession. Fewer people are saving for emergencies and their children's college education compared to 15 years ago. While most people have plans for specific spending goals, only about a third have comprehensive financial plans. The survey also finds that financial planning benefits people across all income levels by making them feel more confident and better able to meet financial goals.
Aviva's biannual UK Family Finances report (December 2014) reveals that:
> UK parents of 0-5s juggle earnings with childcare expenses
> 1 in 10 families using childcare for 0-5s say lower earner takes home nothing after childcare / work costs are paid
> Lower earner typically brings home just £243 after childcare / work costs are paid
> One in three families using childcare for 0-5s turn to grandparents
> Working parents are being hamstrung by childcare costs, with thousands effectively working for nothing, Aviva can reveal.
The company’s Winter 2014 Family Finances Report also reveals that one in 10 families paying childcare costs for youngsters aged 0-5, effectively see one earner bring home nothing from his or her job after childcare and work costs are taken into account.
Similarly one in four families in this position has one parent who brings home less than £100 a month after costs.
Find out more in the full report.
Infographics and quotagraphics to accompany this report are available on Flickr at https://www.flickr.com/photos/avivaplc/
#FamilyFinances
Presentation delivered at the 5th Global Partners Forum on Children Affected by HIV and AIDS on June 3, 2011. A highly summarized version of previous presentations on household economic strengthening.
Presentation on fundamental concepts and principles of household economic strengthening for orphans and vulnerable children delivered by Jason Wolfe of USAID's Microenterprise Development office at the 2009 PEPFAR OVC Leadership Forum in Maputo, Mozambique.
A budget is a plan for future income and expenses. Budgets are important for households, students, governments, and businesses to ensure they don't overspend, use money where needed, save for emergencies, and see future savings amounts. Saving is putting aside income for future spending, like holidays, cars, or emergencies. People need to understand their income sources like regular wages, irregular bonuses, and non-cash benefits before creating a budget and planning savings.
Introduction to Household Financial Managementmandalina landy
This document provides an introduction to household financial management. It discusses managing income through financial planning and budgeting. It also covers alternatives for using credit, savings, investments, and managing household risks under conventional and Islamic systems. The key aspects of financial management that are outlined include developing a financial plan, budgeting expenses, saving money, managing risks through insurance, and considering taxes and economic changes. It also explains the time value of money concept and how to calculate future and present values using interest rates and time periods.
The document discusses the nature and scope of financial management. It explains that the role of the finance manager has expanded beyond just bookkeeping and procuring funds, and now involves strategic planning and ensuring optimal utilization of funds across all business activities. The key objectives discussed are profit maximization and wealth maximization. While profit maximization seems simple, it is ambiguous and ignores factors like time value and risk. Wealth maximization, which focuses on net present value, is considered a superior objective as it provides clarity and accounts for timing of cash flows and risk. The goal of financial management should be to achieve wealth maximization by making decisions that ensure high profits while minimizing unnecessary risks.
The Aviva Family Finances Report July 2013Aviva plc
The document is a report on modern UK family finances from July 2013. It finds that the typical UK family's monthly income was just under a record high at £2,108. While overall expenses fell slightly, one-parent families still saw their costs rise. Savings habits improved overall with fewer families saving nothing, though single parents remained least able to save.
Inflation drop gives over-55s an extra £1,032 a year in disposable income as ...Aviva plc
Falling inflation has given over-55s back their financial freedom and boosted saving habits as essential spending has fallen by 7% in a year, according to research from Aviva.
Every year the Family and Childcare Trust collects statistics about childcare costs and availability in Britain.
Our data – collected from local authority Family Information Services – makes it possible to monitor changes in childcare costs and supply from year to year.
All our reports are widely used by policymakers and academics in all parts of the UK and beyond.
The 2012 Report Card indicated it is becoming difficult for the Prime Minister to stick to his commitment of creating a society which truly supports family life. The report card highlights that the condition of the economy continues to make life intensely difficult for millions of UK families, who currently face a triple squeeze of tax and benefit changes, high childcare costs and high costs of living.
The 2011 Report Card edition of the report card highlights the scale of the government’s challenge in delivering the Prime Minister’s commitment to make the UK the most family friendly country in Europe. The report shows how tough making the UK family friendly is given the economic climate and considerable squeeze on public and family finances.
Every year the Family and Childcare Trust collects statistics about childcare costs and availability in Britain.
Our data – collected from local authority Family Information Services – makes it possible to monitor changes in childcare costs and supply from year to year.
All our reports are widely used by policymakers and academics in all parts of the UK and beyond.
Every year the Family and Childcare Trust collects statistics about childcare costs and availability in Britain.
Our data – collected from local authority Family Information Services – makes it possible to monitor changes in childcare costs and supply from year to year.
All our reports are widely used by policymakers and academics in all parts of the UK and beyond.
Towards a fair tax policy for families (iona conference may 2011 dublin)saunderspeter
The document discusses how traditional tax policies supported families through horizontal equity by providing tax allowances for spouses and children. However, recent policies have eliminated these allowances and moved support to means-tested welfare. This undermines horizontal equity, family self-reliance, and parenting stability. The document argues for restoring tax allowances for children and couples to re-establish a fair family tax policy separate from welfare.
This document discusses various methods of measuring living standards and economic well-being beyond GDP per capita. It notes inaccuracies in population estimates that impact GDP calculations and differences in regional disposable incomes within countries. While GDP per capita is traditionally used, economic well-being is multi-dimensional and alternative indicators like the Happy Planet Index or Genuine Progress Indicator may better capture quality of life. Non-market activities, environmental factors, and income inequality also influence well-being but are not reflected in GDP.
This document discusses various methods of measuring living standards and economic well-being beyond GDP per capita. It notes inaccuracies in population estimates that impact GDP calculations and differences in regional disposable incomes within countries. While GDP per capita is traditionally used, economic well-being is multi-dimensional and includes factors like health, inequality, sustainability, and happiness. Alternative indicators that take a broader view are now commonly used to assess living standards and well-being.
This document discusses the crisis facing the Irish middle class. It summarizes that:
Tensions have long existed for middle class households but they have faced increasing financial struggles in recent years. Where families once worked hard towards goals, they now work hard just to stay afloat. The middle class is witnessing a crisis as squeezing has turned to strangling.
Back to school costs have become insurmountable for many families. Over 80% of parents feel the costs are a burden. More families are relying on social welfare payments to afford school supplies. Joblessness has also increased dramatically for household heads.
Rising housing costs and the threat of homelessness are major sources of stress. While education provides
This summary analyzes Ontario's first poverty reduction strategy, which aims to reduce child poverty through policies like the Ontario Child Benefit and investments in education. The strategy's goal is to cut child poverty by 25% in 5 years by helping families cover living costs and increasing educational opportunities for low-income youth. The document evaluates these policies' economic impacts using cost-benefit analysis and social welfare modeling. It finds the total annual cost of intergenerational poverty in Ontario is $4.6-5.9 billion, so reducing child poverty could significantly lower future costs while boosting economic productivity through greater human capital. The analysis aims to determine if Ontario's anti-poverty initiatives are efficient and effective tools for reducing hardship.
Coalition Prime Minister David Cameron pledged to make Britain a truly family friendly country. This pledge created an opportunity for the government to 'family-proof' its new policies, creating conditions that really help families thrive. However, as the 2010 Report Card shows, there is a considerable distance to go before this aspiration can be achieved.
[Research report] The Glocal Marketing MixSkannd Tyagi
This document discusses marketing strategies for the Indian consumer market. It covers topics like international marketing, assessing local marketing environments, changing consumer lifestyles in India and the UK, and factors influencing consumer behavior in India like increasing disposable incomes, nuclear families, and credit culture. It emphasizes the importance of understanding regional differences, socio-cultural factors, and preferences of the local Indian consumer. It also discusses strategies like focusing on customer experience in stores and malls, providing long-term customer service across various access channels, and establishing customer-centric strategies to succeed in India.
This document discusses childcare in London and argues for investing in the system. It notes that London has a higher percentage of families with young children than other parts of the UK. The costs of childcare in London are among the highest in the country, creating barriers for parents who want to work. Improving access to affordable, flexible childcare would benefit families and London's economy by allowing more parents to join the workforce. The document examines current childcare funding and costs borne by parents, providers and the government. It argues that expanding childcare availability would require involvement from multiple sectors but could increase parental employment and overall spending on early education.
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Farewell to Welfare - threats to the welfare stateCitizen Network
Simon Duffy, Director of the Centre for Welfare Reform, gave this talk on the demise of the welfare state under the leadership of the UK's Conservative Party at the University of Vasaa in May 2014.
Family and Childcare Trust's annual review is a record of our achievements over the past financial year, including details of our funders, alongside details about our staff and members of our trustee board.
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Aviva reported interim results for 2018 that showed operating profit up 4% and operating EPS up 4%. Several major markets delivered strong growth, including the UK (up 10%), France (up 12%), Canada (up 7%), and Singapore (up 10%). Aviva remains confident in achieving its full year target of over 5% growth in operating EPS and will continue organic growth initiatives, pursue bolt-on M&A opportunities, and return excess capital to shareholders.
Aviva reported strong financial results for the first half of 2017. Operating profit increased 11% to £1,465 million, reflecting positive performances across Aviva's businesses worldwide. As a result, Aviva increased its interim dividend per share by 13% to 8.4p. Aviva's geographic and product diversity have benefited results, with increased sales and operating profit growth in the UK, Europe and Aviva Investors. The company has grown its top and bottom lines in key UK business lines like general insurance, pensions, annuities and protection.
Aviva's interim results showed an 11% increase in operating profit to £1,465 million. Key drivers of growth included strong performances in the UK, Europe, and Aviva Investors. The Solvency II capital ratio remained robust at 193%. Cash remittances increased 56% to £1,170 million and the interim dividend was raised 13% to 8.40 pence per share.
We help over 33 million customers around the world protect what's important to them through a wide range of insurance and savings products. We offer life, general, accident & health insurance, and asset management services to both individual and business customers. In 2016 we paid out £34.4 billion in benefits and claims to customers while growing our assets under management to £450 billion.
Aviva's results showed increased operating profit, capital, cash, and dividends compared to the previous year. The company's financial position has been transformed with a stronger balance sheet and excess capital, allowing it to plan additional capital returns to shareholders and debt reduction in 2017. Key metrics included a 12% rise in operating profit to £3,010 million, a 9% increase in the Solvency II capital ratio to 189%, and a 20% rise in cash remittances to £1,805 million. The company will continue focusing on growing its core businesses and operating profits.
Aviva reported strong financial results in 2016. Operating profit increased 12% to £3.01 billion and operating EPS rose 3% to 51.1p. Cash remittances to the group were up 20% at £1.805 billion. The Solvency II capital ratio was 189%, above the target range. Business segments such as UK and Ireland Life, Canada, and Aviva Investors performed well. The Friends Life integration delivered cost synergies ahead of plan. Aviva is growing its dividend and returning additional capital to shareholders in 2017.
Capital Markets Day 2016 presentation slidesAviva plc
Aviva held a Capital Markets Day on July 6, 2016 to provide updates to shareholders and analysts. The presentation included a cautionary statement noting forward-looking projections are subject to risks and uncertainties. Andy Briggs then discussed Aviva's UK Life business, noting its leading market position provides a competitive advantage in delivering both cash flow and low to mid single digit earnings growth over 2016-2018, with projected cash remittances of £3.5-4 billion during this period.
At Aviva, they help over 33 million customers save for the future and manage life's risks through businesses across 16 markets offering life insurance, retirement, savings and pensions, general insurance, health insurance, and asset management. Aviva has over 29,600 employees focused on helping customers overcome uncertainty. Their strategy is to focus on markets and segments where they can win, emphasize a digital-first customer experience, and meet all customer needs through life, general, health, and asset management products.
- Aviva's Solvency II ratio is 180% and its balance sheet is considered one of the strongest in the UK market.
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Aviva reported strong financial results for 2015, with total dividends up 38% over the last two years and operating profit up 20%. The integration of the Friends Life acquisition was completed ahead of schedule, creating savings of £225 million. Aviva now insures one in four UK households and paid over £30.7 billion in benefits and claims to customers in 2015. The company also has one of the strongest solvency ratios in the UK market at 180% and is well positioned for continued growth and customer focus in 2016.
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“After three years of turnaround we are now moving to a different phase of delivery. We have improved the balance sheet, simplified the Group and we are now transforming our business. The progress is evident in these results.
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“In general insurance, premiums and operating profits were higher. The combined ratio was 93.1%, the best in eight years, and underwriting profits increased 45%.
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Infographic outlining Aviva's five carbon investment commitments responding to climate risk and the need to limit global temperature increases to within 2 degrees C
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Mark Wilson, Group Chief Executive Officer, said:
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Economic Risk Factor Update: June 2024 [SlideShare]Commonwealth
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For more market updates, subscribe to The Independent Market Observer at https://blog.commonwealth.com/independent-market-observer.
Fabular Frames and the Four Ratio ProblemMajid Iqbal
Digital, interactive art showing the struggle of a society in providing for its present population while also saving planetary resources for future generations. Spread across several frames, the art is actually the rendering of real and speculative data. The stereographic projections change shape in response to prompts and provocations. Visitors interact with the model through speculative statements about how to increase savings across communities, regions, ecosystems and environments. Their fabulations combined with random noise, i.e. factors beyond control, have a dramatic effect on the societal transition. Things get better. Things get worse. The aim is to give visitors a new grasp and feel of the ongoing struggles in democracies around the world.
Stunning art in the small multiples format brings out the spatiotemporal nature of societal transitions, against backdrop issues such as energy, housing, waste, farmland and forest. In each frame we see hopeful and frightful interplays between spending and saving. Problems emerge when one of the two parts of the existential anaglyph rapidly shrinks like Arctic ice, as factors cross thresholds. Ecological wealth and intergenerational equity areFour at stake. Not enough spending could mean economic stress, social unrest and political conflict. Not enough saving and there will be climate breakdown and ‘bankruptcy’. So where does speculative design start and the gambling and betting end? Behind each fabular frame is a four ratio problem. Each ratio reflects the level of sacrifice and self-restraint a society is willing to accept, against promises of prosperity and freedom. Some values seem to stabilise a frame while others cause collapse. Get the ratios right and we can have it all. Get them wrong and things get more desperate.
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Enhancing Asset Quality: Strategies for Financial Institutionsshruti1menon2
Ensuring robust asset quality is not just a mere aspect but a critical cornerstone for the stability and success of financial institutions worldwide. It serves as the bedrock upon which profitability is built and investor confidence is sustained. Therefore, in this presentation, we delve into a comprehensive exploration of strategies that can aid financial institutions in achieving and maintaining superior asset quality.
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
Independent Study - College of Wooster Research (2023-2024) FDI, Culture, Glo...AntoniaOwensDetwiler
"Does Foreign Direct Investment Negatively Affect Preservation of Culture in the Global South? Case Studies in Thailand and Cambodia."
Do elements of globalization, such as Foreign Direct Investment (FDI), negatively affect the ability of countries in the Global South to preserve their culture? This research aims to answer this question by employing a cross-sectional comparative case study analysis utilizing methods of difference. Thailand and Cambodia are compared as they are in the same region and have a similar culture. The metric of difference between Thailand and Cambodia is their ability to preserve their culture. This ability is operationalized by their respective attitudes towards FDI; Thailand imposes stringent regulations and limitations on FDI while Cambodia does not hesitate to accept most FDI and imposes fewer limitations. The evidence from this study suggests that FDI from globally influential countries with high gross domestic products (GDPs) (e.g. China, U.S.) challenges the ability of countries with lower GDPs (e.g. Cambodia) to protect their culture. Furthermore, the ability, or lack thereof, of the receiving countries to protect their culture is amplified by the existence and implementation of restrictive FDI policies imposed by their governments.
My study abroad in Bali, Indonesia, inspired this research topic as I noticed how globalization is changing the culture of its people. I learned their language and way of life which helped me understand the beauty and importance of cultural preservation. I believe we could all benefit from learning new perspectives as they could help us ideate solutions to contemporary issues and empathize with others.
[4:55 p.m.] Bryan Oates
OJPs are becoming a critical resource for policy-makers and researchers who study the labour market. LMIC continues to work with Vicinity Jobs’ data on OJPs, which can be explored in our Canadian Job Trends Dashboard. Valuable insights have been gained through our analysis of OJP data, including LMIC research lead
Suzanne Spiteri’s recent report on improving the quality and accessibility of job postings to reduce employment barriers for neurodivergent people.
Decoding job postings: Improving accessibility for neurodivergent job seekers
Improving the quality and accessibility of job postings is one way to reduce employment barriers for neurodivergent people.
OJP data from firms like Vicinity Jobs have emerged as a complement to traditional sources of labour demand data, such as the Job Vacancy and Wages Survey (JVWS). Ibrahim Abuallail, PhD Candidate, University of Ottawa, presented research relating to bias in OJPs and a proposed approach to effectively adjust OJP data to complement existing official data (such as from the JVWS) and improve the measurement of labour demand.
2. The typical UK family
The concept of the ‘traditional’ family is now outmoded and
current thinking shows that family means different things
to different people. As such 84% of the UK now lives as part
of a modern family group and plays a significant role in the
economy and society as a whole. The Aviva Family Finances
Report looks at different types of family (see page three for
groups tracked) and their individual approaches to finances
including wealth, debt and expenditure.
In addition to tracking this data over time, this report shines a spotlight on intergenerational
living. How common is it? What are the benefits? What are the downsides? Does it make
financial sense? All of these questions and the resulting answers paint a picture of a nation
which values its independence, but puts family wellbeing at the heart of its decisions.
Overview
l Income – Monthly net income falls as parents cut back on hours during summer (pg 4).
l Expenditure – Monthly expenditure increases as people juggle their budgets to maintain spending
patterns (pg 5).
l Family wealth – Savings pots fall but are above August 2011 levels (pg 7).
l Housing wealth – Mortgage borrowing increases (pg 9).
l Family borrowing – Families work hard to increase monthly repayments (pg 11).
l Look to the future – Inflation fears have fallen but redundancy worries increase (pg 12).
l Spotlight – 73% of people have lived with another generation of their family after age 18 (pg 13).
l Spotlight – People who live with another generation of their family are better off by £225 per month
with young families gaining the most (pg 15).
l Across the UK – The UK’s most dedicated savers live in the South West with 68% saving
something each month (pg 16).
The Aviva Family Finances Report 2
3. The modern UK family
Thirty years ago, the typical UK family was referred to as the
‘nuclear family’ and consisted of two parents and one or more
children. However, as society has changed over time this is no
longer the case. In this report, Aviva seeks to recognise the most
common types of modern family based on customer profiles
and Government data.
1. Living in a committed 2. Living in a committed 3. Living in a committed
relationship* with no plans relationship with plans relationship with one child
to have children to have children
4. Living in a committed 5. Divorced/separated/widowed 6. Single parent raising one
relationship with two with one or more children or more children alone
or more children
* For the purposes of this report, a committed relationship is defined as either one where two people – including same gender
couples – are married or living together.
The Aviva Family Finances Report 3
4. Income
Summer holidays hit income
The UK family saw its typical income fall from £2,150 (May 2012) to £2,003 (Aug 2012). This may be a seasonal drop as it brings
income back in line with the same time last year (£2,018 – Aug 2011) and may be partly due to some part-time / shift workers
reducing their hours to care for children during school holidays.
Incomes of committed / married couples with one child (-10% to £1,955) and with two or more children (-9% to £2,115) fell over
this period (May to August 2012).
£2,347 £2,402 £2,196 £2,178 £1,148 £964
£2,220 £2,433 £2,097 £2,254 £1,075 £944
£2,244 £2,499 £2,171 £2,327 £1,060 £805
£2,094 £2,264 £1,955 £2,115 £1,163 £1,009
Living with partner Living with partner Living with partner Living with partner with Divorced/separated/ Single and raising
and don’t plan to and plan to have with one child two or more children widowed and one or more children
have children children raising one or more alone
children alone
Q4 2011 Q1 2012 Q2 2012 Q3 2012
The number of families who struggle to survive on less than £1,250 per month continues to fall steadily, dropping from 30%
(Nov 2011) to 28% (Jan 2012) to 25% (May 2012) and now 22% (Aug 2012). This trend is excellent news and suggests that
following the Government’s drive to rationalise benefits, the most underprivileged families may be getting the help they need.
However, while those on low incomes have seen a steady increase over the last few months, the more ‘well-off’ families have
seen a decline. This report series shows a significant drop in the number of families who have an income of more than £2,500 per
month, falling from 36% (Aug 2011) to 31% (Aug 2012). This seems to suggest that while employment figures have improved,
salaries at the mid to upper end of the scale have not.
Income sources
The main source of income for the ‘typical’ UK family remains a primary breadwinners’ full-time salary (72%). More than a third
of families derive some income from a spouse’s full-time job (34%), although this has fallen from 36% since May 2012.
One in five families (18%) derive some income from part-time work which is an increase of two percentage points against the
same time last year (16% – Aug 2011) but down on May 2012 (19%).
Other sources of income
Benefits are a source of income for 20% of UK families. This is a one percentage point decrease on the same time last year
(21% – Aug 2011) and suggests that the Government cut-backs are starting to have an impact on the income of the typical family.
Income derived from savings and investments helps to improve the finances of 6% of UK families. However, following an extended
period of low interest rates, this has fallen year on year (down from 7% – Aug 2011) and is likely to do so again if conditions fail
to normalise. However, as 50% (Aug 2012) of families own a home with a mortgage, only a small minority of investors and savers
are likely to welcome such a change in interest rates.
The Aviva Family Finances Report 4
5. Expenditure
The typical monthly expenditure of a UK family is now £1,765 (Aug 2012) which is a 5% increase on the figure of £1,680 recorded
in May 2012.
While annual inflation has fallen from 3.5% (March 2012) to 2.8% (June 2012), some of the main expenses for families have seen
significant inflation and the figures show people have worked hard to maintain their expenditure patterns.
Energy bills have seen annual inflation of 10.11% (June 2012) and clothing – despite the VAT exemption on children’s
clothes – saw inflation of 5.90% (June 2012). Other notable annual increases include a 4.04% (June 2012) increase in the cost
of public transport and 3.68% (June 2012) on recreation and entertainment.
Highest expenditure points and their inflation
1.95% 2.27% 0.00% 10.11% 4.4% -1.24% 0.00%
19% 9% 6% 5% 4% 4% 3%
Housing Food Holidays Energy bills (e.g. gas Public transport Motoring Fees for children’s
(mortgage and electricity) fares and other activities
or rent) travel costs
Type of expenditure
Inflation % of income
The Aviva Family Finances Report 5
6. Most common expenses
£246 £127 £55 £504 £119 £85
£248 £125 £64 £513 £123 £98
Food Energy bills (e.g. gas Clothing Housing Motoring Public transport
and electricity) and footwear (mortgage fares and other
or rent) travel costs
Type of expenditure
Amount spent in Aug 2011 Amount spent in Aug 2012
Inflation on food (+2.27% – June 2012) also doesn’t match the increase in actual family spending which
suggests that families are looking at value rather than premium brands and shopping around where possible.
This statement is borne out by recent figures which showed that value retailer Aldi increased its sales by
25.4% year on year (Q2 2011 vs. Q2 2012).
“While inflation highlights how costs have changed, each
family manages their money in a different way. Some choose
to cut back on food costs so they are able to increase their spending
on motoring and others use less energy so they can spend more
on other essentials. However, irrespective of how we look at it, things
have become more expensive and families are more stretched.”
Louise Colley, head of protection sales and marketing, Aviva
Holiday spending
While families are increasingly being forced to budget, the cost of certain ‘luxury’ items such as summer
holidays still needs to be considered. More than half (54%) of families put money towards a holiday
(£158 per month) and 66% spend money on a satellite TV subscription (£65 per month).
It is interesting to note that the amount spent on children’s activities also increased from £64 per month
(Aug 2011) to £85 per month (Aug 2012). This suggests that while 46% of families have not spent money
on holiday expenses this quarter – and therefore may not be going away at all during summer – they are
making an increased effort to treat their children over this period.
Those in a committed relationship with no plans to have children are most likely to put money towards
a holiday (56%) compared to single parents (42%).
The Aviva Family Finances Report 6
7. Family wealth
The typical family’s savings fell to £1,131 (Aug 2012) from £1,228 (May 2012) but remain higher than the same period last year
(£982 – Aug 2011). In addition, the number of families with no savings rose to 28% (Aug 2012) from 24% (May 2012), but again
this was lower than in August 2011 (31%).
This is positive news as it indicates that while people may take money out of savings to meet summer costs, year on year the
overall trend suggests an improvement in savings. Those in a committed relationship with plans to have children have the largest
savings pots (£2,383) and those who are divorced / single with children have the smallest (£31).
Monthly savings picture
However, the typical amount saved on a monthly basis is £29 which is below the amount saved at the same time last year (£34 –
Aug 2011) and significantly below the amount saved in the previous quarter (£45 – May 2012).
This clearly shows that the rising cost of living has had an impact on how much people are able to save – but has not curtailed
families’ savings habits completely. Indeed, despite the impact of inflation, the number of people saving nothing each month has
only risen slightly from 36% (Aug 2011) to 37% (Aug 2012).
The percentage of families saving each month
64% 74% 62% 61% 44% 50%
Living with partner Living with partner Living with partner Living with partner with Divorced/separated/ Single and raising
and don’t plan to and plan to have with one child two or more children widowed and one or more children
have children children raising one or more alone
children alone
% who save each month
Widowed/divorced/separated parents are the least likely to save on a monthly basis (44%) and those in a committed relationship with
plans to have children are the most likely to save (74%).
Having tracked the latter family group since this report was first formulated, these families tend to be younger and have significant
financial goals such as paying for a wedding or purchasing their first home. This means they tend to save more than some other
family groups.
This group is also among the most likely to have a basic bank / building society savings account (83%) which is slightly above the UK
family average (81%). However, having a savings account does not necessarily mean that it will be used, as 81% of single parents have
this type of product but half put nothing into it each month (50%).
The Aviva Family Finances Report 7
8. Savings products
Following the basic bank or building society savings account, ISAs (36% – Aug 2012) and Premium Bonds
(17% – Aug 2012) are the most popular savings vehicles. As well as their age, the amount that people are
able to save each month appears to govern the type of products people have in their ‘savings portfolio’.
Indeed, those in a committed relationship with plans to have children save the most (£63 – Aug 2012)
and are most likely to have an ISA. However, at this stage in their lives, they are likely to need more
access than that provided by a fixed-term bond and perhaps are not confident enough to take the risks
associated with stock market investments
Savings product split:
£37 £63 £28 £26 £0 £0
38% 43% 33% 35% 36% 24%
7% 4% 6% 7% 6% 4%
21% 14% 16% 19% 17% 6%
11% 9% 9% 13% 10% 6%
Living with partner Living with partner Living with partner Living with partner with Divorced/separated/ Single and raising
and don’t plan to and plan to have with one child two or more children widowed and one or more children
have children children raising one or more alone
children alone
Typical monthly savings amount % with ISA
% with fixed-term bonds % with Premium Bonds
% with stocks and shares investments
People in a committed relationship with children are more likely to have stocks and shares investments
(13%) and those in a committed relationship with no plans for children are more likely to have Premium
Bonds (21%). Notably both of these family types tend to be older.
The Aviva Family Finances Report 8
9. Housing wealth
Just under two thirds of families (61%) own their own homes – either outright or with a mortgage. In addition, 22% live in private
rental accommodation and 13% live in social housing. These figures are in line with the same time last year.
Those in a committed relationship with two or more children are most likely to own their own homes (71% – Aug 2012) compared
to just 27% (Aug 2012) of single parents.
The value of the typical family home is £210,620 which is down from £212,324 (May 2012) but up from the same time last year
(£207,361 – Aug 2011). Due to their larger size family homes tend to be more valuable than the average UK house which is typically
worth £161,777 (June 2012).
Of all the tracked groups, the families who are likely to have the largest homes – committed relationship with two or more children
– have the most valuable homes (£228,073 – Aug 2012).
Average value of house per family type
£212,155 £228,073
£182,169 £188,054 £223,649
£176,250
Couples without Couples with plans Couples with Couples with Divorced/Separated/ Single, raising one
plans to have to have children one child two children Widowed with one or or more children
children more children
The typical mortgage on a family home is (£104,157), which is up on the same time last year (£94,156 – Aug 2011) and marginally
up on last quarter (£99,237 – May 2012). This may suggest some families have moved or extended their mortgages. Market figures
which show that gross mortgage lending increased from £33,33bn (Q2 2011) to £34,33bn (Q2 2012) lend support to this theory.
The Aviva Family Finances Report 9
10. Equity falls
Similarly the fact that the mean equity of all homeowners fell to £127,424 (Aug 2012) from £136,445
(May 2012) indicates that some families have remortgaged and used the equity in their homes for
other purposes.
Those people in committed relationships without plans to have children boast the most equity (£146,511)
while those couples planning to have children have the least (£82,158).
“It appears that Britons’ homes remain our castles and these statistics
clearly show the important role that property plays in the typical
family’s wealth. With the over-55s having more than £2.05 trillion
in housing equity, more and more people are likely to find they need
to consider this as part of their retirement planning.”
Louise Colley, head of protection sales and marketing, Aviva
Second homes
Almost one in five (18%) families own some form of second property be it a buy-to-let investment,
holiday home or time-share. The typical amount outstanding on this kind of property is £117,672 which
explains why just 3% of families derive any income from rental property as it’s likely they are using the
income to repay their mortgage.
Again those people in committed relationships without plans to have children are most likely to own
a second property (21%). This may be due to the fact that they are older with fewer financial dependants.
The Aviva Family Finances Report 10
11. Family borrowing
The typical UK family owes £10,563 in unsecured lending which is up from £9,314 in May 2012. The three most common types of
family borrowing are through credit cards, personal loans and overdrafts.
Most common borrowing methods
45% 27% 29%
£5,134 £8,555 £4,423
Credit Card Personal Loans Overdraft
Percentage of families Typical amount owed by those who use this type of credit
Widowed/divorced/separated parents (49%) are most likely to have credit card debts, but less likely to have personal loans (24%)
or an overdraft (27%). At the other end of the scale, households of a committed couple with one child have the highest unsecured
debt (£15,848 – Aug 2012) followed by those of a committed couple with two or more children (£11,739 – Aug 2012).
However, widowed/divorced/separated parents also have the lowest amount of unsecured debt (£5,505 – Aug). This may suggest
that credit cards are used for short-term borrowing only in emergencies or dire need, as these parents have less flexibility to repay
their debts.
Less formal lending
As part of this report, Aviva has expanded the number of borrowing categories that are tracked and we can now see that
4% of families use pawnbrokers and 6% make use of pay-day loans. Single parents (8%) are most likely to use pay-day loans
or a pawn broker. How this will change in the future as this market becomes more mainstream remains to be seen.
Monthly repayments
The typical UK family spends £141 per month on debt repayment which is up from £114 in May 2012. However, as debts have
continued to increase, this suggests that while people are making repayments, they are also borrowing more.
This mounting borrowing has not been ignored by UK families and 12% are worried about keeping up with their repayments
over the next six months. This is an increase from 9% (May 2012) and is likely to have been the catalyst behind a sharp increase
(+£30 – May 2012 to Aug 2012) in the amount of money spent on debt repayments.
The Aviva Family Finances Report 11
12. A look to the future
The top short-term financial fears for the UK’s families relate to the rising cost of living, loss of jobs,
and unexpected expenses.
Over the past year as inflation has fallen, fears around an increase in the cost of basic necessities have too
(64% – Aug 2011 vs. 58% – Aug 2012). However, economic uncertainty and talk of a triple-drip recession
have worried some people. Indeed, families are now more worried about the loss of jobs (45% – Aug 2011
vs. 47% – Aug 2012) and unexpected expenses (40% – Aug 2011 vs. 43% – Aug 2012).
Top 5 fears
53% 55%
54% 39% 15% 49% 53% 9%
20% 17%
Living with partner and don’t plan to Living with partner and plan to
have children have children
Losing jobs (i.e. redundancy)
Significant increase in the price of the basic necessities for living (e.g. food or utilities)
Loss / changes to current Government benefits
Unexpected expenses (e.g. major repairs to home)
Serious illness (for me or my partner or children)
Recent announcements over the Government’s Funding for Lending Scheme and discussions around
a further decrease to the base rate has calmed some families’ fears, and just 13% are worried about higher
mortgage rates (14% – Aug 2011). Couples in a committed relationship with one child (16%) are most
worried about an increase in mortgage rates.
The Aviva Family Finances Report 12
13. Spotlight – Intergenerational living
In bygone times people would have continued to live with their extended families into adulthood. Then in the 18th century,
the industrial revolution arrived and social mobility increased, creating a society where most people lived with their nuclear family
or – more recently – increasingly on their own.
However, with the recent economic turmoil, rising house prices and a rapidly ageing population, more and more people are living
with their wider families for longer. Nearly three quarters (73%) of UK family members have lived with another generation of their
families beyond 18 years of age.
Preparing to fly the nest
The most common type of intergenerational living is for an adult child (over 18) to live with their parents while they look for a job
(37%), before they attend university (30%), while studying (18%) or immediately after university (16%).
This is generally seen as a continuation of the parenting role as it helps the child get a more financially secure start to independent
living. However, the recent economic turmoil certainly appears to have had an impact on this trend as just 17% of family members
aged 36–40 lived with their parents while studying compared to 25% of those aged 25-30.
Other common types of intergenerational living include:
a couple living with one set of parents 10%
a person living with their parents after a relationship break-down 7%
a couple living with their children and parents 4%
a single parent living with their parents and their children 3%
Boomerang generation – in it for the long haul
Excluding the student years, people typically first experience intergenerational living as an adult when they are 23 years old and
spend an average of three years in this living arrangement. However, 24% said they spent more than five years living with other
members of their family and 8% (Aug 2012) stayed for over 10 years.
Almost a third of people who live with family as adults (28% – Aug 2012) leave but then return to live with their families in their
late twenties (typically 28 years old). This tends to be for a shorter period and 61% stay for less than a year.
Finally, 13% (Aug 2012) move out but find themselves living with family members for a third time. This also tends to be for
a shorter period with 69% (Aug 2012) experiencing this living arrangement for less than a year.
Two generations can live as cheaply as one?
The main driver behind intergenerational living is money. More than half (57%) say they made this choice as they could not afford
a home of their own, while 33% said it allowed them to save for a home of their own. A further 12% say it helped them deal with
a difficult financial situation such as problem debts.
However, 10% said they did it in order to care for an elderly relative, and 7% said they made their choice to provide companionship
to an older family member. In addition, 10% (Aug 2012) said it was more convenient as they were close to work and 13% found that
they just liked living as part of an intergenerational household.
“Almost 20% of intergenerational living is due to families welcoming the older
generation into their homes. With a rapidly ageing population, this is likely to
become more common in the future and families may need to take this into
consideration when purchasing and renovating their properties.”
Louise Colley, head of protection sales and marketing, Aviva
The Aviva Family Finances Report 13
The Aviva Family Finances Report 13
14. Familiarity breeds frustration
Two-thirds of people said they had experienced some downsides to living with family members. Four in 10 (40%) said the
arrangement made it more difficult to be as independent as they liked, while 27% experienced arguments over personal space.
The same number (27%) said their home did not feel like their own.
Those living as a committed couple with plans to have children were most likely to experience issues living with family members
(70%) but the widowed/divorced/separated were least likely to find this (60%), potentially as they may appreciate the emotional
support of their family.
It is also interesting to note that 24% (Aug 2012) of women in a family said intergenerational living made them feel ‘like a child’
but only 10% (Aug 2012) of men found this.
Top 5 frustrations
14%
27% 40% 27%
18%
Finding it difficult to be as independent as I’d like to be
My home didn’t feel like my own
Arguments over personal space such as bathroom usage or what to watch on TV
I was made to feel like a child even though I was an independent adult
Finding it hard to spend time alone with partner
Mutual support
While the vast majority experienced some disadvantages when living with family, 85% of people also found some positives.
Almost half (42%) said that there was always someone around for company and 30% felt that they were looked after.
This appears to be particularly appealing to younger families. More than four in 10 (41%) of those couples planning
children saw being looked after as an advantage compared to 26% (Aug 2012) of parents in a committed relationship with
two or more children.
Almost a third of those who had lived with relatives (31%) said intergenerational living had brought them closer as a family.
In addition 27% liked the emotional support and 24% enjoyed sharing household chores.
The Aviva Family Finances Report 14
The Aviva Family Finances Report 14
15. The financial implications of sharing
Families were asked how much it cost the hosts to have an extra family member living with them (£107 per month) and how
much it saved the lodging family (£225 per month). This suggests that overall, the typical family who lives in an intergenerational
household is £119 per month better off.
£93 £104 £123 £105 £97 £121
£183 £311 £250 £207 £123 £177
£89 £207 £127 £102 £26 £56
Living with partner Living with partner Living with partner Living with partner with Divorced/separated/ Single and raising
and don’t plan to and plan to have with one child two or more children widowed and one or more children
have children children raising one or more alone
children alone
Cost Saving Difference
Those in a committed relationship with plans for children find intergenerational living most financially advantageous, typically
saving £311 per month. This is probably because they are the family group most likely to be living rent-free, with 46% saying they
don’t pay any rent or lodging.
However, while families said that they were better off, 12% said intergenerational living had caused arguments about money.
A further 8% found themselves giving hand-outs to family members and 7% felt they paid for more than their fair share.
Looking to the future
While intergenerational living has its advantages, 51% of UK families say they would not consider sharing with family in the future.
Independence appears to be a sticking point, with 22% saying they are simply too used to their own space. A further 10% feel
they don’t have the room.
This does not denote a lack of caring, however, as 8% would look to support their family in other ways and 22% would move
closer to assist but would draw the line at actually living with other family members.
Just 17% say they would be happy to live with their family members for as long as it was required and 16% said they would only
live with their family if it was on a temporary basis. One in eight (12%) would be happy to live with their family only if they needed
support, for example during an illness.
“It’s clear that as a nation we love our independence and space, but many families are
waking up to the benefits of sharing with other family members. However, if a family
becomes host to other relatives, financial protection is even more important than ever.
If one generation is responsible for putting a roof over the heads of others, it’s imperative
that measures are in place so if they did lose an income, the whole family doesn’t suffer.”
Louise Colley, head of protection sales and marketing, Aviva
The Aviva Family Finances Report 15
16. The view across the UK
The families with the highest average
incomes in the UK tend to live in the capital.
The average monthly income of the typical Income
family in London is £2,344 followed
by those in the South East (£2,319) Typical family debt
and the West Midlands (£2,023).
House prices
The families with the lowest incomes
in the UK are in Yorkshire (£1,784)
and the North East (£1,799).
Assets £2,003
London families are also most likely to have UK
put away the most in savings, with an average £10,563
of £5,092 saved, followed by families in the £210,620
South West (£1,832), and the South East
(£1,434). Scotland
Those in Wales (£436) have the smallest
savings pots. This is perhaps unsurprising £1,833
given that 46% typically save nothing per
month – although they don’t actually have £4,712
£1,799
the lowest incomes (£1,931). The UK’s most
£176,042
dedicated savers live in the South West with 68%
£5,842
saving on a monthly basis.
£168,056
Borrowing N. West N. East
Fifty two per cent of families in the South West have credit
card debt – substantially higher than those in Scotland £1,856
£1,784
(36%) and Wales (38%). The East Midlands (£4,166),
£9,882
Wales (£5,093) and Scotland (£4,712) have the lowest £15,462
amounts of debt in the UK which suggests that they are £169,940
more able to live within their budgets than some other regions. £164,849
Yorkshire
Housing
E. Midlands
The typical family home in London is worth the most at
£338,068 followed by those in the South East (£261,574) £1,858
and the East (£222,222). At the other end of the scale, £4,166
family homes in the North West (£164,849) and the North £1,931
£2,023
£6,561
East (£168,056) are considerably cheaper. £179,754 £2,050
£7,357
£196,579
However, while London homes may be worth more, £5,093
W. Midlands
the typical amount of housing equity owned by those £222,222
£191,761
with a mortgage is just 44% compared to 50% S. West East
£2,319
in the North East. This suggests that while houses
Wales London
in the capital might be worth more, repayment costs £1,979
are higher and families are less able to pay off the £5,556
mortgage quickly. £7,500
£261,574
S. East
Intergenerational living £194,758
People in Yorkshire (68%) and Scotland (68%) are
least likely to have lived with other members of their
£2,344
own family – compared to those in the East (77%)
and London (76%). For those who do, extended
£33,168
families in the South East (£174 per month) derive
the greatest financial benefits compared to those £338,068
in the North East (£77 per month).
The Aviva Family Finances Report 16
17. So what does this tell us?
“This edition of the Aviva Family Finances Report reveals that while the long
summer school holidays provide an excellent opportunity to spend time together
as a family, they also have financial implications. It seems that some parents need
to cut hours in order to care for children and more is spent on activities to keep
children amused. It’s therefore important that families take this into account
when budgeting and plan accordingly.
The report also looks at intergenerational living as more and more people are
choosing to live with other members of their family. A large proportion of this
‘lodging’ occurs when adult children are living with their parents while studying
or after university, but a surprising number of people live with other members
of their extended families.
While some of this is linked to the recent financial turmoil and the difficult
economy, many people genuinely enjoy spending time with their families and
find this living arrangement provides financial, emotional and social benefits.
If one family group relies on another generation to provide their home,
it becomes even more crucial that the host family has financial protection in
place. This way, if the home-provider should
unexpectedly lose an income – for example
through critical illness or even death – there
will be some financial comfort for the
wider family.
Louise Colley, head of protection sales
and marketing, Aviva
The Aviva Family Finances Report 17
18. Methodology
The Aviva Family Finances Report was designed and produced by Wriglesworth Research. Over 2,000 people aged
18-55 who live as part of one of six family groups were interviewed by Opinion Matters in order to produce the
report’s latest findings.
In total, 14,168 UK consumers have been interviewed between December 2012 and July 2012. This data was
combined with additional information from the sources listed below and used to form the basis of the Aviva Family
Finances Report. All statistics refer to figures released in August 2012 unless stated otherwise.
Additional data sources include:
Kantar – World Price Index – May 2012
Land Registry – June 2012 House Price Figures
Gross Mortgage Lending – Aug 2012 – Council of Mortgage Lenders
Office of National Statistics – Inflation Figures – June 2012
Technical notes
l A median is described as the numeric value separating the upper half of a sample, a population, or a probability
distribution, from the lower half. Thus for this report, the median is the person who is the utter middle of a sample.
l An average or mean is a single value that is meant to typify a list of values. This is derived by adding all the values
on a list together and then dividing by the number of items on said list. This can be skewed by particularly high
or low values.
For further information on the report or for a comment, please contact Sarah Poulter at the Aviva Press Office on
01904 452828 or sarah.poulter@aviva.co.uk
The Aviva Family Finances Report 18