The Minimum Income Standard (MIS) project aims to define an 'adequate' income.
It is based on what members of the public think is enough money to live on, to maintain a socially-acceptable quality of life.
The 2014 research has found that the goods and services people say are needed for this ‘adequate’ standard of living have changed relatively little since the first MIS study in 2008. However, people’s ability to afford them has declined.
Wage growth has been slow, changes to tax credits and benefits have affected household incomes and the cost of essentials has risen by 28% since 2008 – faster than general inflation. These trends are explored in more detail in a separate study here.
The figures generated by MIS are used to calculate the Living Wage outside London and assess the impact of public policy on people’s living standards. JRF research has also used it to explore how far Universal Credit will help people reach an adequate income.