The findings, based on analysis of House of Commons Library statistics by the party show that nearly 13 million adults in working households are living hand to mouth without any money left over for savings. This is an increase of 2.5 million since the Tories came into power in 2010.
Figures released last week by the Office of National Statistics (ONS) have shown that since 2013, the rate of households with no savings has steadily risen, with household debt — including mortgage, credit card and loan payments — standing at 133 per cent of disposable income.
Labour leader Jeremy Corbyn criticised the government for “creating a perfect storm of low pay, insecurity and working poverty” that causes “terrible stress for millions of families.”
Corbyn is currently reviewing Labour’s policies to introduce a real living wage of £10 an hour, benefiting about six million people, stop the roll-out of universal credit and ban zero-hours contacts.
Mr Corbyn said: “These scandalous levels of in-work poverty are unacceptable and must be brought to an end.
“Every job should provide dignity and security.”
The minimum wage for workers aged 25 and over — rebranded the “national living wage” by David Cameron’s Tory government — is set to rise to £8.65 an hour next year.