Martin Lewis issues warning to 'millions' and says 'I'm out of tools'
Sounds podcast host says millions of people would have to double their incomes to escape poverty.
Millions would need to DOUBLE their incomes to escape poverty, Martin Lewis has warned – as he urged policymakers to act. The ITV The Martin Lewis Money Show star and BBC Sounds podcast host says millions of people would have to double their incomes to escape poverty.
That’s according to a new report from charity the Joseph Rowntree Foundation (JRF), Mr Lewis said. “I warned at the start of the energy crisis that I was out of tools to help many on the lowest incomes.,” the Money Saving Expert founder said today.
“Now we have hit the stark reality that 100,000s of people in the UK, even after they’ve had professional help from money charities, are still deficit budgeting – so their income is less than their minimum necessary expenditure.
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“Definitions of poverty are tricky, especially when based on relative incomes, but that smells like a clear indication the problem is getting worse. And let’s be plain, once people are in the deepest mire, it’s not a Money Saving Expert you need, it’s policymakers and regulators to sit up take note and address these deep-rooted problems – which is exactly what I hope they do with this Joseph Rowntree Foundation report highlighting the situation and calling for change.”
The JRF found more than one in five people in the UK – 14.4 million – were in poverty. The charity defines this as having a household income of less than 60% of the UK average for the type of household you’re in. Of the total number of people in poverty, working-age adults made up over half (56%), children made up 29% and pensioners made up the remaining 15%.
Four out of ten people below the poverty line were in “very deep” poverty when household income is less than 40% of the UK average.