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The average adult believes they need a 17% income rise to comfortably meet household bills as the cost of living continues to rise in the recession.

New research from MetLife shows that nearly six out of 10 adults are struggling to meet bills comfortably as the recession tightens the screws on household finances. The study also revealed that one in 12 believe they need a rise in income of 50% or more to get by in 2009.

Just a third of adults say they do not need to increase their income in order to comfortably pay household bills while 58% say they need substantial income increases.

Dominic Grinstead, strategic development and marketing director of MetLife UK, says: “The economic shocks of the past six months have had a profound effect across the country with people increasingly looking for safety.

“The need for safety is illustrated by the desire for average increases in income to rise. In the current climate nobody is going to get anything like that as a pay rise unfortunately but it is interesting as a gauge of how far away from safety some people feel."

We would all like a little more money in our pockets, but a recession means maybe another year of static wages. So talk to a financial adviser about planning your finances more prudently, rearranging your outgoings and maybe finding new loans and mortgages to make sure your outgoings are at a minimum.

SOURCE: Metlife, 11/05/09

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