The rampant cost of living means two-income families are increasingly worse off than single-income families were a generation ago – and it is threatening to put them under.
While median incomes and the number of women in the workforce has risen substantially, the money that families are putting into servicing the long-term commitments of a standard middle class lifestyle – comprehensive health insurance, a house in the right suburb and investment in education – has soared.
“It is increasingly clear that two incomes have trapped many families under a mountain of long-term financial commitments,” said economist Gareth Morgan.
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