UK “Cost of Life” predicted to rise by 64% in the next 20 years

Established International private wealth management experts, Liberty Wealth Management, have this week launched a fun and engaging interactive “Cost of Life” infographic which highlights the projected costs of life’s biggest expenses. Based on the UK’s average inflation rate of 2.5%, British nationals can expect their biggest purchases and investments to increase by nearly two thirds within the next 20 years.

The interactive infographic reports some surprising and perhaps shocking projections; including the average cost of going through university which is set to increase from £88,700 to £145,000. Other major investments are also highlighted, such as the estimated average cost of raising a child to the age of 21; set to increase from £222,000 to over £364,000.

Liberty Wealth Management created the interactive Infographic, inspired by the famous “Game of Life” board game, as a way to educate and enlighten the British public, encouraging Brits to start saving money now. This follows a string of reports which claim that around 15 million British nationals are not saving any money for the future.

The infographic looks at the biggest expenses most Brits can expect to encounter at some point in their life. This includes the overall cost of marriage, a new car, the price of a new house, a family holiday and the overall cost of retirement. The infographic then emphasizes how these expenses will increase over the next 5, 10, 15 and 20 years.

By opening up a savings account and putting aside a little each month, the British public will be better prepared for rising costs and prices. Whether it be opening up a tax free ISA account or putting money away into long term savings, there is never a better time to start than right now.

Founder of Liberty Wealth Management, Iain Macritchie, was delighted to see the Cost of Life infographic launched, stating “We’re very pleased to have produced some research which highlights the importance of putting some money away for a rainy day. We really hope the new Cost of Life infographic prompts people to start saving now, considering their needs in the future.”

The Liberty Wealth Interactive “Cost of Life” infographic can be viewed by accessing the following URL: liberty-wealth.com/cost-of-life