Cost of living continues to increase

People in the United Kingdom are paying out more than £18,500 per year on bills, according to research revealed today.

The average home pays out £1,541.91 on rent or mortgage payments, utility bills and food each month. That’s a grand total of £18,502.86 in 12 months.  The research revealed that the cost of living has risen by £642 in the past year, increasing from £17,860 12 months ago. Mobile phone spending, a motor insurance quote and rent/mortgage costs have seen the biggest increase over the past 12 months, while the amount people are spending on utility bills and the internet has gone down.

A spokesman for the company who carried out the research said: “Times have been tough for a few years and people are really noticing the difference in their bank balances. With many people still feeling the effects of the recession, paying the bills is yet another money worry. And, unfortunately, essentials such as food and rent or mortgage payments have gone up and up over the past 12 months. Things may only become more difficult as the new Government gets to grips with the country’s financial situation and is forced to raise taxes or cut benefits. It’s going to be more important than ever to do your research and make sure you are getting the best possible deal on all of your bills.”

The study of 3,000 people revealed that car insurance has seen the largest increase during the last year, going up from £369 to an average price of £460. However it is possible to save some money by getting any driver car insurance. The bill for food has increased by £34.28 per year; the amount spent on a cable/satellite TV subscription is up by £19.32 to £244 a year. Householders now pay out an average £1,225.68 per year on their Council Tax bill. While the cost of bills for mobile phone has risen to £420 per year, the amount being spent on a landline telephone has gone down by £35 and is now just £283.

Leave a Reply