Half of households on £70k income feel they 'just about manage'
"Half of households with an income of £70,000 class themselves as "just about managing" - and hence see themselves belonging to the newly coined social group of "Jams".
Jams, a word invented by Philip Hammond to replace Labour's equivalent term the "squeezed middle", describes middle-income families who, since the financial crisis, have quietly shouldered the brunt of austerity.
There is no single, agreed definition but Money.co.uk, a comparison website which has researched the public's perception of the term, suggests "Jams" are families with at least one working adult with an annual household income of between £12,000 and £34,000 and who struggle to get by each month.
Some may rely on credit cards, overdrafts, loans and others may even borrow from their children's savings."
Source: Half of households on £70k income feel they 'just about manage'
"Half of households with an income of £70,000 class themselves as "just about managing" - and hence see themselves belonging to the newly coined social group of "Jams".
Jams, a word invented by Philip Hammond to replace Labour's equivalent term the "squeezed middle", describes middle-income families who, since the financial crisis, have quietly shouldered the brunt of austerity.
There is no single, agreed definition but Money.co.uk, a comparison website which has researched the public's perception of the term, suggests "Jams" are families with at least one working adult with an annual household income of between £12,000 and £34,000 and who struggle to get by each month.
Some may rely on credit cards, overdrafts, loans and others may even borrow from their children's savings."
Source: Half of households on £70k income feel they 'just about manage'
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