Millions Struggling with Rising Living Costs

The video discusses the Minimum Income Standard (MISD) calculated by the Joseph Roundtree Foundation, which is different from the minimum or living wage. It highlights the challenges faced by people on mid to low incomes in meeting the MISD, despite tax cuts and increased national living wage. The video provides income requirements for different household types to meet the MISD and presents a case study of Rebecca Bromley, who struggles financially despite earning above the minimum wage. Efforts to improve financial resilience and employment security are also discussed, emphasizing the need for government action.

What is the primary difference between the Minimum Income Standard (MISD) and the minimum wage?

• MISD is a government-mandated wage.

• MISD includes the cost of luxury items.

• MISD is what people need to earn to participate in society, not just survive.

• MISD is only applicable to single individuals.

According to the Joseph Roundtree Foundation, what is the annual income a single person needs to meet the MISD?

• £18,000

• £15,000

• £20,400

• £26,000

What financial challenge does Rebecca Bromley face despite earning more than the minimum wage?

• She has no savings at the end of the month.

• She cannot afford basic necessities.

• She struggles to pay her rent.

• She has to work multiple jobs.

What is one of the strategies being used to help people manage their finances better?

• Offering financial resilience training

• Increasing the minimum wage

• Reducing taxes

• Providing free housing

How much of a £9 increase in weekly wages is predicted to be added to disposable income?

• £1.90

• £0.19

• £0.90

• £9.00