The Middle Ages and Minimum Wages
Written by Payplan Ryan on 19 February 2014
- A quarter of 35-54 year olds have been on the minimum wage in the last five years,
- 21% needed financial help from their parents to make ends meet.
Statistics from our recent survey reveals 25 % of middle-aged people have earned the minimum wage at some point in the last five years, with 45 % seeking financial assistance to get by and 21% turning to their parents for help.
The survey of 2,000 UK adults shows more than 10% of 35-54 year olds are currently earning £6.31 an hour, and 11% of adults as a whole are paid the minimum wage.
The survey reveals further serious effects of living on the minimum wage – 47 % built up debts while minimum wage, 62 % thought their work wasn’t properly valued and 71 % said that it simply isn’t enough to live on. In recent years, the minimum wage has failed to keep pace with inflation and now sits below its pre-recession level.
Many people just can’t make ends meet while earning minimum wage and have to turn to others for help, including their parents, even into their 40s and 50s. Minimum can wage place great strain on people and any dependants. The majority of people who have lived on the minimum wage, say it simply isn’t enough to get by on.
People come to Payplan every day with debts they have built up while living on low pay – people have not been extravagant with their spending and still find themselves with big debts and creditors on their backs.
The government’s Low Pay Commission is currently in the process of recommending the minimum wage for 2014.
Filed under Money Saving Ideas