According to research by We.Co, the biggest price rise the country has seen since the Queen’s coronation has been in house prices. Overall, the cost of buying a property has increased by 18%, from an average of £1,891 to nearly £350,000. In other shocking price increases, petrol now costs around 49 times more than in 1952 and a pint of milk costs 26% more. However, there have been positive changes in the economy since Queen Elizabeth II ascended the throne.
Seventy years ago, the average net wage was £9 a week, while it is now £556, according to Us.co. Additionally, pensions have risen from £1.50 a week in 1952 to £185 today.
Commenting on the results, Greg Marsh, CEO and Founder of Us.co, said: “Despite the appalling burden facing millions of people due to the cost of living crisis, we are still doing quite well by compared to our grandparents.
“The big challenge now is to do all we can to protect the hard-won ways of life that were achieved under the Queen’s rule.”
Currently, inflation in the UK stands at 9%, which is similar to what it was when the Queen was crowned.
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As rising inflation exacerbates the current cost of living crisis, many will look back to see how the UK managed to pull itself out of a similar dire financial situation.
Speaking exclusively to Express.co.uk, Annabelle Williams, personal finance expert at Nutmeg, shared what Brits can learn.
Ms Williams said: ‘It’s unrealistic for people to return to the standard of living of the 1950s, but simplifying your finances through incremental changes can help. Clearing the financial clutter by ending contracts that aren’t really useful and gradually adjusting to a simpler lifestyle.
“Going all out and saying you’ll never buy something you don’t need again may work for some, but for most people it’s like putting a banana peel on the sidewalk out front.
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“Saving for goals first rather than going into debt the 1950s way can be beneficial in the long run. When money is tight but you still want to save; set small, specific, realistic goals that you can achieve.
“Break down the total amount needed into smaller chunks by setting savings goals for each month, starting with smaller goals and increasing them gradually.”
The financial expert also noted that the savings and investment ideas Britons have today were not applicable back then, so those concerned about their finances have several options to help them. , unlike their 1952 counterparts.
She said: ‘There have been huge changes in the way Britons save and invest since the 1950s. The introduction of the first credit card in 1966 was transformational and fundamentally changed the way we see money, spending and saving.
“Credit cards allow people to spend money they haven’t yet earned, and while that has negative connotations, there’s a ‘good side’ to debt – it means people do not need to have existing wealth to improve their lives.
“In the 1950s, before credit and loans were readily available, people could not improve their standard of living in the present because some things took years to save up, or were only available to people. who could bring together the money of their family or friends.”
Since the Queen began her reign, the role of women in society has changed dramatically in terms of money and status.
On how the country has changed economically and socially since 1952, Jess McGuigan, wealth planner at wealth management firm Kingswood, explained: “One of the major differences that has occurred in personal finance since the 1950s is the evolution of the role of women within families. and the wider economy as a whole.
“Women often received a weekly allowance from their husbands and boasted that they could budget their expenses, without having to worry about saving as that was the responsibility of the man in the household.
“At the time, there wasn’t really a need for women to be involved in future financial planning. Nowadays, things are very different.
“People are marrying later in life and more than half of marriages end in divorce, research shows, meaning it’s more important than ever for women to be confident, independent and in control. their own finances and not be entirely dependent on their partner.
“Women are generally better savers than men – perhaps a habit inherited from when they had to budget their allowance in the 1950s, however, women are generally more risk averse, with a higher ratio of non- investment and preferring to keep their savings low, returning cash deposits, which increases the risk that these savings will be eroded by inflation over time.