Were you really born too late… or are things genuinely tougher now?

“You don’t know how lucky you are.”

You’ve probably heard this line, possibly from your parents or grandparents, often followed by misty-eyed stories about rationing, coal fires and bacon being an occasional treat.

And on the surface, they might have a point.

Today, there’s remote working, supermarkets open all hours, next-day delivery, instant communication, streaming and, for some, the ‘bank of mum and dad’.

So surely, life must be cheaper now, right?

Not necessarily.

To find out who really has it harder, we looked at the real cost of living, comparing the cost of everyday items in the 1970s with what you pay today.

We used the Bank of England’s inflation calculator, which provides inflation-adjusted prices. The calculations are approximate and give a general idea of how far your money went then compared to now.

A pint of beer

Let’s start where most debates like this end up - the pub!

The average cost of a pint of beer is currently £5.17 in Britain, according to the Drinks Business. That said, in plenty of places, you’ll pay more, sometimes a lot more.

Back in the 1970s, you could order a pint for 18p. Adjust that for inflation, and it still only comes out at about £1.42.

So today, you’re not just paying double. You’re paying three times as much for the same simple pleasure.

A loaf of bread

Bread is something we throw in our basket without thinking. It’s basic, everyday fuel.

Today, the average 800g sliced white loaf is around £1.40, depending on where you shop.

In the 1970s, a loaf cost about 9 or 10p, which works out at roughly 79p in today’s money.

So yes, you’re paying around 50p more.  So, when compared to other things, bread hasn’t gone completely off the rails!

Eggs

Eggs have always been cheap, filling, and endlessly useful, and here’s a surprise.

In the 1970s, eggs cost 23p, which would be about £1.81 today.

Right now, you’ll pay around £1.80.

For once, we’re paying pretty much exactly the same as we did in 1975.

Houses

This is where things really start to sting.

In 1970, the average house price was £4,057, while the average weekly wage was £18.37. Even by the end of the decade, when wages had risen, house prices sat at around £20,268.

Fast forward to today, and the average UK house price is around £271,000.

Adjusted for inflation, that £4,057 home from 1970 should cost around £56,000 today, not a quarter of a million pounds.

So when you’re told you just need to ‘save harder’, it’s worth remembering that you’re not bad with money, houses are just wildly more expensive.

TV licence

This one might surprise you.

In 1970, a TV licence cost £6 for black and white or £11 for colour. Adjusted for inflation, that £6 comes out at about £83 today.

As with every year, the TV licence fee is set to rise again this spring, to over £180 a year. But when you factor in inflation and the fact many homes now have multiple screens, we’re actually not doing too badly on this one.

A rare win for modern life - just.

Energy bills

In the 1970s, energy was relatively cheap, homes were less reliant on constant heating, and bills were a much smaller slice of household income.

Today, energy costs are one of the biggest pressures on monthly budgets.

According to official data analysed by OHMS Renewables, the average annual household electricity bill in the UK rose from £425 in 2008 to £1,118 in 2024.

That’s an increase of 163%!

And, unlike a pint or a takeaway, you can’t just opt out, as you still need to heat your home and have hot water.

If you’re finding it hard to keep up with your energy bills, speak to your supplier.  They might be able to offer

• grants
• payment plans
• advice on managing your account
• emergency credit if you’re on a prepayment meter

So… do we actually have it tougher?

The honest answer is yes and no. Some things are cheaper. Some basics haven’t changed much. Technology, entertainment and household appliances are more affordable than they ever were.

But when it comes to the big stuff, like housing, energy, going out and everyday living costs, we’re typically paying far more than previous generations ever did, even after inflation.

So next time someone tells you that you’ve “never had it so good”, you can smile, nod… and quietly know the truth. You’re not imagining it. You’re not bad with money. And you’re definitely not alone.