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| Cost of living 'is £1 million' The entire cost of living is almost £1 million, according to a new study. Researchers say £1 million is the average cost of all the basic necessities needed by a typical family over an expected 55 years of adulthood. The average home in Britain costs about £100,000 and moving costs, when people move an average of seven times, amount to £229,455. The average food bill for a family of four over a month is estimated at £320, amounting to £140,160. The cost of having a family quickly adds up with the first five years estimated to rack up bills of £30,314. Families have to allow for a further £24,000 on childcare for the four years before children start school. An education for two kids can cost up to £248,628. Pet owners could spend £8,000 on a dog or £4,200 on a cat in a lifetime. Running costs for cars for a family can reach £239,000, researchers from Your Home magazine tallied. They also found the average family now owes £10,700 while the typical monthly income of families in debt is just £800, less than half the national average. Editor Sue Rose told the Daily Record: "With the cost of basic living so high, it is easy to see why we are a nation in debt." 4th February 2002 |
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