The pound in your pocket is changing: saving more of your new (and old) pounds is the best way to beat inflation
28 March 2017
- The £1 pound coin first introduced 34 years ago in 1983 is worth £3.10 in today’s money, as new 12-Sided coin is launched.
- To help beat inflation savers need to put even more (new and old) pounds away to ensure a good quality of life in retirement.
Today sees the launch of the new 12-sided pound coin in the UK, and new analysis from Prudential highlights the impact of inflation on retirement planning and income since the pound coin was first introduced in 1983.
Savers today will need to put more than three times as much money aside to achieve the same levels of spending power that their counterparts had back in 1983. Taking account of inflation, £1 in 1983 is worth £3.10 today, meaning significant real increases in the cost of goods and services.1
According to the Office of National Statistics (ONS)2, the cost of a loaf of sliced white bread has increased from 38p to £1 and a kilogram of cheddar cheese has rocketed from £2.55 to £7.19, demonstrating the impact of inflation on the cost of everyday basics.
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