Number of children predicted to live in poverty will rise by 1.2 million over the next 15 years….
The number of children predicted to live in poverty is set to rise by 1.2 million over the next fifteen years, according to a new report published by the Labour-affiliated Fabian Society.
Despite the Government pledging to eradicate child poverty by 2020, the report predicts that over 3.69 million children will live in poverty by 2030; a 47% increase in comparison to now.
Conservative ministers have claimed that the route out of poverty is work – with employers now taking on two million more employees in comparison to 2010.
The Fabian Society’s report forecasts that those living in high salary households will see their disposable income rise 11 times faster than anyone else whilst those in middle income households will see a 9% rise over the next 15 years.
Those in low income homes will see their expendable cash rise by just 2% over the same period; thus increasing the risk of families entering poverty.
Co-author of the report and the society’s general secretary Andrew Harrop commented:
“The numbers in poverty will rise and many more families will find themselves unable to make ends meet.”
He also noted that the use of emergency food banks will go from a “temporary phenomenon” to a huge feature of normal British life.
So, what is the answer?
As a result of the report’s findings, the Fabian Society has called for the minimum wage to be increased 60% by 2020.
They also believe the Government should set themselves the ambitious target of ensuring 80% of the UK’s population is employed by 2020.
Harrop argues that the search for an answer to this problem should be at the heart of this year’s general election.
He believes that a greater minimum wage, higher full employment levels and a new Prosperity Fund will supply Britain with the help it needs to enjoy a prosperous future but financial education is also vital.
Now a part of the secondary school curriculum, Personal Finance Education (PFE) provides children with the knowledge and skills needed to make informed decisions about their money and could prove pivotal in preventing future generations from slipping into unnecessary poverty.