Rename the National Living Wage the National Subsistence Wage

In April of 2016 the government, on recommendation by The Centre for Research in Social Policy, intend to raise the National Living Wage to £7.20 p/h with the objective of increasing it to £9.00 p/h by 2020.
As a worker earning a similar amount to the 2020 target I feel from both personal experience and by listening to the struggles faced by fellow workers that the term is a misnomer and would be much more accurately described as the 'Subsistence Wage'. Definition; The lowest wage a worker and their family can survive on.