Study reveals the cost of living is set to sky-rocket by 2025

The new study by Penfold, a digital pension provider, found the cost-of-living prices had risen by as much as 41 per cent in five years - with the cost of housing, transport, food, travel and going out all set to rise dramatically again by 2025.

Some of the major findings include that the national average rent continues to grow, with it currently being 33 per cent more than in 2017, with weekly prices averaging out at £256.14, resulting in a spend of £13,319.28 per year.

House prices and rent will be go through the roof by 2025. Picture: PIxabay.

For those with a mortgage, the average house price has escalated from £223,807 in 2017, to £281,000 this year. Following this trend, the average buyer could be paying £323,150 for a home by 2025.

When it comes to train travel, things are already grim with Britain having the highest prices compared to the rest of Europe at over 55p per mile. By 2025, the average single journey could cost up to £26.64.

Rail travel is set to become even more expensive. Picture: PIxabay.

Everyday essentials also look to rise as the study found, since 2017, the price of milk has risen from 43p to 55p per pint. By 2025, a 64p pint of milk is expected to be the norm.

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The average cost of coffee has soared above 50 per cent in the last five years.

To put this in perspective, a daily cup of coffee would cost £225 annually in 2017, if they chose to buy one cup of coffee each working day. In 2022, the exact same purchase would result in an annual spend of £840, hitting £1154.4 in 2025- one-tenth of the current minimum wage.

A cup of coffee will set you back much more. Picture: PIxabay.

The price of going out is set to go up dramatically as the study found the average meal out has seen a 91 per cent increase in the past five years, costing nearly £55 in 2022. This would have cost less than £30 back in 2017, whereas it is predicted to be nearly £85 in 2025.

The cost for a pint of lager has risen 16 per cent since 2017 and it’s expected that by 2025 the average price of a pint will be £4.42 - almost a pound more than in 2017.

The cost of a pint of lager will continue to surge. Picture: PIxabay.

Chris Eastwood, Co-founder at Penfold, a digital pensions provider said: “Rising prices are impacting people across the UK, with almost every activity, commodity, and service observing increased costs as shown from our research.

“The reality is the heightened levels of inflation we are experiencing do not align with how quickly wages have risen. An increase of 15.35 per cent has occurred in the last five years, yet overall costs of living have nearly tripled by 41.27 per cent.”