The UK has a strong social security system.
However, it is struggling to keep pace with the pace of change, according to a new report.
The Social Security Administration (SSA) has announced a plan to raise its retirement age to 67 by 2025, in a bid to bring the economy into line with other OECD countries.
The UK, however, has the world’s highest social Security spending at £18.6bn ($29.5bn), which means that it is spending more on the social security budget than the average OECD country.
However, the report also found that Britain has one of the highest rates of people living below the poverty line, with a third of people falling into the ‘under-18’ group, which means they are more likely to have been on benefits.
A total of 19.9% of people in the UK are in the ‘unemployed’ category, which is defined as being working but not earning enough to cover their living expenses.
The unemployment rate is 5.1%, according to the Office for National Statistics.
The Social Mobility Commission, a joint initiative of the government and the Institute for Fiscal Studies, also said that Britain is one of only six countries where a significant proportion of children are living in poverty.
There were 2,979,000 children living in households with incomes below the official poverty line in 2011-12, which was down from 2,978,000 in 2008-09.
This was partly because the number of children under the age of five who were living in homes with poor conditions has risen from 11.3 million in 2008 to 12.3.4 million in 2011, according the Office of National Statistics, the largest increase in a decade.
One in six of children living below poverty line are living with an unwed mother, according to the Social Mobility Trust, which aims to increase the number and share of women and children in the workforce.
But while many people in Britain are not benefiting from social security benefits, they still have to pay for many of their own medical and childcare costs.
“In terms of the cost of living, the UK is one in seven countries where children and families are struggling to cover the cost,” said Sarah Molyneux, a researcher at the SSA.
“While social security payments are a benefit, it’s also an expenditure.”
In fact, the social insurance levy is paid out as a flat rate to people, and this has resulted in people having to shell out more than £12,000 per year on the benefits, which are also a drain on the government’s resources.
Social Security benefits are also expensive.
For example, people who receive disability benefits can expect to pay £1,000 ($2,000) per month, which has a huge impact on their budget.
Meanwhile, people with child benefit can expect the government to spend £1.3 billion ($2.7bn) on their care, while those who receive state pensions are expected to pay almost £2,500 ($3,000).
However despite the high cost of social security, it does have some benefits.
It is also the only country in the OECD that provides universal free child care, meaning parents can spend more time with their children, according Social Security Agency.
In addition, the government spends about £1bn ($1.7 billion) on social housing, which the UK does not have to provide.
So why is the UK so expensive?
According to the Social Security Institute, the average cost of the average UK home was £116,400 ($186,400) in 2010-11.
That means the average British family spent more than double the national average of £25,000.
Moreover, the SRA said that the average family had to borrow £1m ($1,400 per person) to buy a house, compared to £5,200 ($8,800) for a family of four.
The report also revealed that the amount of time spent caring for children has also increased dramatically, with parents spending almost 40% of their time caring for a child.
As the age gap between the ages of 5 and 17 increases, more parents are opting to have a child in the early years rather than having them at home.
And although the average age for a father is now 37, it has doubled since 1970.
“The fact that social security is so costly means that children are struggling more than ever to find enough money to pay their bills,” said Molynesux.
“Children are now at greater risk of homelessness and have a greater likelihood of becoming homeless in the future.”