The cost of living: Handling the financial big moments in life
The cost of living in the UK is a cause of concern. According to The Joseph Rowntree Foundation, the number of people living below the ‘adequate standard of living’ is now 19 million.
It points out that the price of the ‘basket of goods’ – the items tracked in order to gauge inflation – has risen by 30 per cent since 2008, despite the fact that salaries have only risen by about half that amount.
The rising cost of living means that many of us need to apply for a credit card to be able to afford the things we need to buy in a managed way.
The cost of living impacts upon people in different ways at different stages of their lives.
The below infographic looks at some of the issues that we need to overcome from our teens right through to retirement, with 18 key stats and facts about the average adult’s financial ‘lifecycle’.
It goes to show why we all need a little bit of careful planning and budgeting if we’re to get by…