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Cost of living infographic: Are we paying more to live in the UK?

3 October 2016

UK online payday loan firm 247Moneybox, responds to an oft-quoted headline with a novel infographic suggesting that living in the UK, whilst expensive, does not top the charts when it comes to everyday goods and services.

Check out the infographic and tell us what you think on our social media pages.

The firm notes that there have been calls by some sections of the media that the cost of living in the UK exceeds that of other countries, which may add to the pressure to borrow unsustainably which could lead to bad credit. Across a broad range of goods and services from tech to childcare to holidays, the media suggests that UK residents are paying over the odds.

The gist of the articles are that UK consumers are being charged more by firms whilst seeing job security wavering, real wages falling and a general deterioration in the economic conditions of UK PLC. The commentary goes on to suggest that the major pinch is where the same company is offering the same product or service to residents of different countries at different prices.

"When you see it like that it does really smack of being slightly unfair," Customer Champion Gary Bravo notes. Bravo goes on: "these headlines made us look further and perhaps question the source of the data or the products selected by the articles in question. There are some great tools out there for crowdsourced data which is really nifty in my book. Basically people from around the world feed into a centralised source the price of everyday goods and services they see in their city town or whatever."

The results, say the firm, are not quite consistent with the attention-grabbing headlines. To illustrate this the consumer finance operation has produced the infographic highlighting the cost of living, using data from their own research plus crowdsourced data from Numbeo.

Coffee cup

Photo by Nirzar (Own work) CC BY-SA 4.0, via Wikimedia Commons