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The average cost of running a household is increasing which means many couples are now finding that both of them need to work to make ends meet.

Whether it is paying for gas and electricity or keeping up with home insurance payments, monthly outgoings are increasing and 61 per cent of those with children are now reliant on two incomes, research by Scottish Widows has found.

The company's protection market director Richard Jones said: "The reliance on two incomes is the only way to maintain a decent standard of living for many families and with the rising cost of living this isn't likely to ease off any time soon."

He also highlighted that personal protection insurance could be even more important as there may not be enough income to run the home if an accident affects either parents' ability to work.

Alliance and Leicester recently encouraged people to make an effort to save more money for the future.

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