We are currently experiencing technical difficulties with our telephone system.
We apologise for any inconvenience and are working to resolve this as soon as possible.
Evolution Money
Customer Enquiries 0161 814 9158
This website uses cookies. By continuing to browse the site you are agreeing to our use of cookies. Continue
Home > How the average family budget has changed in the past 50 years

How the average family budget has changed in the past 50 years

29th September 2016 | Published by Henry

It’s 1966. Families nationwide crowd around tiny television sets to watch Bobby Moore lift the World Cup for England at Wembley.

James Callaghan, Chancellor of the Exchequer, declares his intention to shift to decimalisation of the pound in five years’ time. Beatlemania is in full swing, and the song ‘Taxman’ on their latest album Revolver complains of high marginal rates of up to 95%.

British MPs debate the prospect of joining the European Union (then known as the European Economic Committee), approximately 50 years before debating an eventual exit.

Personal finances were also remarkably different compared with those of today. The average weekly wage, usually paid in cash on a Friday, was between £20–£27 whilst the average house price was around £3,620. It was a different world, financially and otherwise.

screen-shot-2016-09-29-at-14-52-51

A familiar living room scene in 1966

Changing attitudes and added complication

The way people approached their weekly budget was remarkably different, particularly the propensity to save which was far greater than today’s standards. Back in 1966, common practice was to keep a weekly or monthly ledger that showed exactly how much spending was going out against your total income.

The concept of being able to check a bank statement in the palm of your hand was inconceivable. And in a world without ATMs and online banking, a ledger was absolutely essential to tot up your total outgoings. In many ways this made the general public of 50 years ago far more frugal with their spending.

Now that we have the ability to check our bank balance at a moment’s notice, the need to meticulously run through your family budget each week, or even withdraw a precise amount of money for the week ahead, has certainly lessened.

Tending more to spend

On the whole, today’s generation have become more cavalier with their weekly expenditure. This uplift in spending is also due to the massive development of products and services that we’ve experienced in the latter 20th century. Thousands of new household ‘essentials’ have been introduced to the masses in that time – colour TV, fridge freezers, vacuum cleaners, broadband, the list goes on.

Saving has given way to spending because we have so many more options and incentives to consider, coupled with our ability to pay for anything with a piece of plastic. Personal finance was a different ball game back in 1966, and perhaps we can even learn something from the way things used to be.

 

Evolution Money is a non-LTV lender offering secured loans from £1,000 – £20,000 to clients with zero or restricted equity and mortgage arrears. Read more about our loan service and how we can help you today.

Category: Homepage, Money
This post was written by Henry
Warning: Late payment can cause you serious money problems. For help, go to moneyadviceservice.org.uk

How our customers rate us

We’re proud of the high standard of our customer service and believe that each of our customers should be treated as an individual.
Evolution Money 90 out of 100, based on 112 reviews over the past year. 112 user reviews. Read our reviews

Members of the The Finance & Leasing Association

FLA logoThe Finance & Leasing Association is the leading trade body for the motor finance, asset finance and consumer credit industries in the UK.

Socialise

Feeling social? Check out our social pages!

Tweet us on Twitter
Like us on Facebook
Pin us on Pinterest
Add us on Google+

Our Address

Evolution Money,
9 Portland Street,
Manchester,
M1 3BE


Registered Company Number: 06987852

Contact by Phone

General Enquiries:
0161 814 9158

Complaints:
0161 814 9165

Contact by Email

Evolution Money Limited is a licensed credit broker and service provider to Evolution Lending Limited. If your application doesn’t meet the underwriting requirements of Evolution Lending Limited we may pass your information to other lenders and brokers. Evolution Money Limited is a company registered in England & Wales, registration number 06987852 and registered at 8 St John Street, Manchester, M3 4DU. Authorised and regulated by the Financial Conduct Authority, firm reference number 708324.

© 2018 Evolution Money | Privacy Policy | Cookies | Complaints Policy | Breaking Down Our Loans | Terms & Conditions
Apply Online
I want to borrow £


You will receive a call today to continue with your application.
Thank you for taking the time to fill in our online enquiry form. Unfortunately in this instance we won't be able to help as being a homeowner is one of our primary requirements.
Start Here
Please wait

Please wait

Don't leave just yet!

Evolution Money are a multi Award Winning UK finance company with thousands of happy customers!

Award Winning

Our friendly loan advisors can let you know if you're eligible for a loan without affecting your credit score. Why not give us a call today!

Freephone 0800 144 8188

Back to Evolution