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What price a happy family?

In the past it was called the Nuclear Family.

No-one is ever quite sure why it was so called but the traditional model of a ‘two parent, two child’ unit has always been deemed to be the ‘average’ family.

Yet, what is the ‘average’ family?

We all have one and here’s betting there’s nothing average about any family. Even if you were a member of such a mythical formation, you might find it rather dull.

Of course we all budget to manage our incomes and expenditure, but what does a family of four actually cost?
The well-esteemed think-tank The Joseph Rowntree Foundation has worked it out – at £800 a week or more than £40,000 a year.

This, it seems to say, is the price of happiness.

The foundation sets this limit as the minimum needed for a decent life and is higher than the more commonly-used ‘Poverty Line’.

It has calculated the annual cost of food, housing, clothing, car and transport, recreation and what it calls ‘social and cultural participation’ – that’s what we ‘average’ people might call Christmas, for example.

All-in-all, not just the staples but the price also includes a limit to provide for ‘opportunities and choices’.

Startlingly, the report – which assumes two working parents – says the weekly cost of childcare is an average £234.55. Brutal.

Perhaps less shocking is the revelation that this ‘minimum standard’ has increased in the last year between three and four per cent.

It has also taken into account regionality as the cost of living varies considerably between London, say, and the North East.

We at the Family Building Society need no telling about this.

As the name suggests, the Family Building Society exists to develop products to help families through their hard times and make the best of the good ones.

From our suite of savings products – including the unique Windfall and Brexit Bonds – to our family friendly mortgages, we aim at keeping the family unit together in both sprit and substance.

We don’t just know the cost of family, we know the value of family.

So give us a ring and let us know how we can help.


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