We're Making More Money, Why Don't We Feel Better Off?

Posted by Gemma Godfrey - Founder & CEO on August 16

Great news! On average, we're making more money than we were a year ago. But why don't we feel any better off? The answer is simple: the amount of money we need to spend just to live has increased more. 

We're earning more money

For every £10 earned a year ago, the average person in the UK is now earning £10.21

But we need to spend more

At the same time, the cost to live has risen. So, for every £10 spent a year ago, on for example groceries, we're now needing to spend £10.26

More in, but even more out

So, for every £10 earned last year, people in the UK on average are 5p worse off.

Wages are rising, which is great news, but we need them to rise more than the cost to live. 

Video: When's the best time to start investing?

 

Written by Gemma Godfrey - Founder & CEO

ITV’s “spending and earning” expert. Former Head of Investment Strategy at Brooks Macdonald, previously GAM and Goldman Sachs. Schwarzenegger’s adviser and a self-confessed physics geek. Here to help people make smarter decisions with their money.

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