You are here: Home - Saving & Banking -

Household bills up 25% since 2008 while wages rise just 6%

0
Written by:
13/03/2013
The cost of running a household has risen by a staggering 25% in the last five years, research has revealed.
Household bills up 25% since 2008 while wages rise just 6%

Car insurance and gas have experienced the biggest price hikes, up by 67% and 52%, respectively, while the cost of electricity and petrol has increased by around a third, according to comparison site uSwitch.com.

The figures come alongside pay increases of just 6% over the same period with consumers now more worried about the rising cost of living than they are about their health.

Ther report found drivers have been the hardest hit over the last five years.

The cost of fully comprehensive car insurance has risen 67% since 2008, from an average of £684 a year to a staggering £1,140 a year. Adding fuel to the fire, unprecedented hikes in petrol prices mean that a two car family can now expect to spend £331 a month filling up their cars, up 33% from £250 a month in 2008.

The situation is unlikely to improve any time soon, with the AA predicting petrol prices hitting their highest ever level by Easter.

Food bills have also been hit, up 17% since 2008 with the average monthly shopping bill rising from £220 to £256 a month. Prices have risen 4.5% in the last year alone, with vegetables up 8.4% and fruit up 7.2% after rain devastated harvests.

Broadband is the shining star in the shopping basket of bills, actually witnessing a 68% decrease since 2008. The average cost of standalone broadband is now just £5 a month, compared to £17 a month five years ago.

Unfortunately, this drop is offset by the cost of having a landline – required for most broadband to operate – which has risen 31% from £12 to £15 a month.

 

Tag Box

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Rail strikes: Your travel and refund rights

Thousands of railway workers will strike across three days this week, grinding much of the transport system to...

How your monthly bills could rise as the base rate reaches 1.25%

The Bank of England has raised the base rate to 1.25% as predicted – the fifth consecutive rise in just six ...

Low-income pensioner? You could gain £3k top-up

Hundreds of thousands of retirees struggling with a low income are missing out on Pension Credit worth £3,300...

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

DIY investors: 10 common mistakes to avoid

For those without the help and experience of an adviser, here are 10 common DIY investor mistakes to avoid.

Mortgage down-valuations: Tips to avoid pulling out of a house sale

Down-valuations are on the rise. So, what does it mean for home buyers, and what can you do?

Five tips for surviving a bear market mauling

The S&P 500 has slipped into bear market territory and for UK investors, the FTSE 250 is also on the edge. Her...

Money Tips of the Week