We’ve all felt it, that moment when you look at your bank balance and think ‘How much have I spent?’
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But what if you look at the cost of a lifetime? What would the damage be and how painful would that number feel?
According to a recent research by Atom Bank, the cost of living for a lifetime of about 81 years in 2021 will be £1,543,834.
This includes £169,159 spent on children, £266,742 on the average home purchase, and £69,793 on Christmas.
The bank compared the figures to similar lifetime costs on the 1971 snapshot, with £14,738 on children, £2,371 on the average household and £4,177 on Christmases.
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Other than shedding light on how much house prices have risen over 50 years – if they had only kept pace with standard inflation the average home price would have been £38,000 – what does this tell us?
Walk of Life: A report claims an average lifetime will cost over £1.5 million
In this week’s podcast, Georgie Frost, Lee Boyce and Simon Lambert discuss why and why such a snapshot — while vaguely accurate — can help us better understand how inflation works and how it works. How can I raise the prices?
Lee chose to show inflation in each decade to show that and Atom’s figures that raise the average lifetime cost to £19.2 million by 2071, sharpen the mind.
Inflation is looking big again, but O’Micron looks like the Bank of England interest rate hike could be back off the table this month.
The team discusses whether the version and restrictions to deal with it will cause more economic problems and what people with travel plans can do.
The next great resignation is – another event in the foreground by the pandemic – what is happening, why are people leaving and should you stay or go to get a pay increase and better working conditions?
And finally, is your home hotter than Lanzarote? It’s cold and frosty outside, but it’s shorts and T-shirt season inside a surprising number of British homes.
Cost of living over time: Average cost of living per capita in the UK in 1971, 2021 and 2071, according to Atom Bank
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