A recent report indicates that while low-income earners are notably worse off compared to those in the middle, many households with median incomes still encounter economic challenges.
The report highlights that UK citizens earning the average or near-average wage are experiencing difficulties in meeting expenses such as rent, food, and other essentials amid the ongoing cost of living crisis affecting Europe.
According to a study released by Financial Fairness Trust, individuals positioned near the middle of the UK's income spectrum (which spans from £29,000 to 65,000, or €34,000 to €76,000, depending on household type) are encountering various financial strains.
This is "contributing to a widespread sense of economic malaise that goes well beyond the privations felt by the worst off".
Specifically, around one in five close-to-middle-income earners say that they're struggling to afford food and other essentials, while others are "running down savings or running up debt" to cover day-to-day expenses, according to the report entitled "Caught in the Middle".
According to the report, individuals in the middle-income bracket may confront a dilemma between securing their future and maintaining sufficient disposable income for a satisfactory standard of living at present.
For instance, the trust highlighted that a couple with two children requires £2,750 per month after tax and benefits to meet the minimum income standard (MIS) determined by Loughborough University.