We are currently experiencing technical difficulties with our telephone system.
We apologise for any inconvenience and are working to resolve this as soon as possible.
Evolution Money
Customer Enquiries 0161 814 9158
This website uses cookies. By continuing to browse the site you are agreeing to our use of cookies. Continue
Home > Average household incomes back to pre-crash level

Average household incomes back to pre-crash level

9th March 2015 | Published by Evolution Money

Average household incomes have returned to the level they were at before the economic crisis of 2007 – 2008, according to recent figures from the Institute of Fiscal Studies, (IFS).Good news

However, incomes for adults of working age have not yet returned to their pre-economic crisis peak once inflation has been taken into account. Adults over the age of 60 do have higher incomes, says the IFS report, largely because pensioners have not been subject to cuts in their benefits.

The IFS report concludes that living standards have been slower to improve than after any other recession, due to the weak growth of incomes. Benefit cuts and tax increases, as well as the government’s continued efforts to reduce the deficit, have also impacted negatively on average incomes.

IFS director, Paul Johnson, has said that he finds it ‘astonishing’ that average incomes are still no higher than they were before the economic crisis of 2007 – 2008 and that for households consisting only of working age adults, they are a little lower.

The reason for incomes of the over 60s rising more than those of working age adults is that state pensions have been ‘triple locked.’ This means that they rise in line with earning, inflation, or 2.5 per cent, whichever is the highest. Consequently, pensions have risen steadily.

The IFS says in its report that average incomes have not yet recovered to their earlier levels because of the UK’s poor productivity performances, with workers failing to increase output. Consequently, meaningful wage rises have not been affordable.

A senior economist with IFS, Robert Joyce, said that government policies which increase productivity and so boost wages will be of greater benefit to households than tax cuts and rises in benefits.

Chancellor George Osborne welcomed the IFS findings, saying that they pointed to a ‘milestone’ on the road to economic recovery.

Category: Money
This post was written by Evolution Money
Warning: Late payment can cause you serious money problems. For help, go to moneyadviceservice.org.uk

How our customers rate us

We’re proud of the high standard of our customer service and believe that each of our customers should be treated as an individual.
Evolution Money 90 out of 100, based on 112 reviews over the past year. 112 user reviews. Read our reviews

Members of the The Finance & Leasing Association

FLA logoThe Finance & Leasing Association is the leading trade body for the motor finance, asset finance and consumer credit industries in the UK.

Socialise

Feeling social? Check out our social pages!

Tweet us on Twitter
Like us on Facebook
Pin us on Pinterest
Add us on Google+

Our Address

Evolution Money,
9 Portland Street,
Manchester,
M1 3BE


Registered Company Number: 06987852

Contact by Phone

General Enquiries:
0161 814 9158

Complaints:
0161 814 9165

Contact by Email

Evolution Money Limited is a licensed credit broker and service provider to Evolution Lending Limited. If your application doesn’t meet the underwriting requirements of Evolution Lending Limited we may pass your information to other lenders and brokers. Evolution Money Limited is a company registered in England & Wales, registration number 06987852 and registered at 8 St John Street, Manchester, M3 4DU. Authorised and regulated by the Financial Conduct Authority, firm reference number 708324.

© 2018 Evolution Money | Cookies | Complaints Policy | Breaking Down Our Loans | Terms & Conditions | Fair Processing Notice
Apply Online
I want to borrow £
You will need to read and agree to our Fair Processing Notice before continuing. *
You will receive a call today to continue with your application.
Thank you for taking the time to fill in our online enquiry form. Unfortunately in this instance we won't be able to help as being a homeowner is one of our primary requirements.

Fair Processing Notice

Who we are:

Evolution Money Ltd, Progressive Money Ltd and Evolution Lending Ltd are all wholly owned subsidiaries of Darwin Loan Solutions ('the Group').

We take your privacy seriously and will only use your personal information to

A) Discuss loan offers and provide you the products and services you have requested.
B) If you become our customer it will also be used to manage your loan.

We'll keep your details for up to 12 months to enable us to help you with your loan enquiry. If you don't become our customer we will delete your enquiry details unless regulations say we must keep them for longer.

This won't change any marketing preferences you've already chosen.

How we control and process your data:

Our companies hold and process your personal data in accordance with Data Protection law in the UK. We are committed to maintaining the privacy and protection of all personal data collected in connection with our broker and loan services. We may share your information with credit reference agencies and other companies for use in credit decisions, for fraud prevention and for collection purposes.

Next

Marketing Contact preferences - putting you in control:

We would love to tell you from time to time about offers and special deals on loans, insurance products and utility services which may save you money.

If you're happy to be contacted about these, please click the boxes to tell us how you want us to get in touch with you.

You can change how we contact you at any time by simply getting in touch with us on FPNandmarketing@darwinloansolutions.co.uk or 0161 814 9210.

Your choices do not affect your enquiry/loan application in any way.

BackNext

Marketing Contact preferences - Our partners:

We would love to tell you from time to time about special offers and deals from our carefully selected partners.

If you're happy to be contacted by them please click the boxes to tell us how our partners can get in touch with you.

You can change how we contact you at any time by simply getting in touch with us on FPNandmarketing@darwinloansolutions.co.uk or 0161 814 9210.

Your choices do not affect your enquiry/loan application in any way.

BackNext

Please read the full details of our Fair Processing Notice including Credit Reference Agency Information Notice (CRAIN) Click here to see a copy of the CRAIN.

If you agree to our Fair Processing Notice and want to continue to the next stage - click Agree.

BackAgree

Start Here
Please wait

Please wait

Don't leave just yet!

Evolution Money are a multi Award Winning UK finance company with thousands of happy customers!

Award Winning

Our friendly loan advisors can let you know if you're eligible for a loan without affecting your credit score. Why not give us a call today!

Freephone 0800 144 8188

Back to Evolution