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Calculate the minimum earnings you need to live a 'decent' life

Millions of Britons cannot afford a simple standard of life despite earning a wage, new research has shown.

The Minimum Income Standard (MIS) threshold is the indicator which academics at Loughborough University’s Centre for Research in Social Policy have set, and determines how much money people need to be able to afford a decent standard of living.

The amount differs depending on each family’s circumstances and includes variables such as geographic location, number of children and marital status.

Currently, the number of people in the UK who fall below the MIS totals more than 19 million – a figure which has increased by four million (25%) since 2008.

And Matt Padley, who led the study, said the number is expected to grow over the next three years due to inflation and the increasing cost of everyday essentials such as food and clothes.

To check whether you are living below, on, or above the MIS threshold, the team at Loughborough has created a simple and quick online calculator to determine your status.

To take the test, click here: www.minimumincome.org.uk

To read more about the MIS, visit: www.lboro.ac.uk/mediacentre