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, according to a study report published by London-based Liberty Wealth Management.
The interactive infographic reports projects that the average cost of going through university is set to increase from £88,700 to £145,000.
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Also, estimated average cost of raising a child to the age of 21 is set to increase from £222,000 to over £364,000, the report predicts.
Other major investments are also highlighted, such as the average cost of retirement for someone who retires at the age of 65 through to the age of 85 is set to increase from £1.08 million to £1.78 million and the average cost of a wedding is set to increase from £20,000 to £32,772
According to the report, based on the current automotive, travel and property price trends, the average cost of a new car is set to increase from £27,519 to £45,093; while the average cost of a new house in UK is set to increase from £161,969 to £265,405.
The report also forecast that the average cost of a family holiday will increase from £3,792 to £6,214
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By GlobalDataThe report claims that around 15 million British nationals are not saving any money for the future.
Iain Macritchie, founder of Liberty Wealth Management, said: "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."
