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Loan charges: Families require almost £25,000 to 'break even'

The average family in Britain requires an annual income of £24,801.51 in order to simply break even, according to new research.

Mutually-owned financial adviser Skipton Financial Services revealed that this figure is a £129.35 increase on last year's income, which takes into account mortgage or rent, utilities, insurance, food, car costs, clothing, phone costs, property maintenance and travel.

It does not, however, include luxuries such as nights out, restaurants, loan charges and holidays.

"It is easy to understand why the large majority of Brits are so cash strapped," said Andrew Barker, managing director of Skipton Financial Services.

"While there has been some change in spending habits this year compared to last, families are still paying out almost as much money on the food shopping as they are on their mortgage payments."

He adds that it is worse than it looks too, as after tax and national insurance contributions families need to have a before tax income of more than £30,000.

Samantha Clarke

Samantha is a former banking assistant and has over ten years experience in retail banking.ADNFCR-2776-ID-801488621-ADNFCR

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