Single Income Household
Are single income households viable in England?
Published: Sunday, Jun 9, 2024 Last modified: Wednesday, Oct 2, 2024
Imagine a single professional earning 80k GBP a year.
Weekly net wage is 1095GBP.
Now that person marries and their spouse is a stay at home parent. Weekly net wage is the same at 1095GBP, there is no tax benefit to marry and start a family!
Now lets say that person works incredibly hard and could get a job earning 50% / 40k more, bringing their annual income to 120k.
Weekly net wage is 1464GBP with an annual income of 120k GBP, that’s an increase of 369GBP a week over 1095GBP with a 80k annual income.
Lets consider the scenario where the wife instead joins the workforce and puts the children in daycare. The wife earns 40k.
- His weekly net wage is 1095GBP with an 80k salary
- Her weekly net wage is 626GBP with a 40k salary
Together their weekly net wage is 1721GBP, which is 257GBP better off a week than the single income household on a 120k annual salary.