How much do you need to live comfortably in Telford?

A recent study looked at the cost of living across the UK and found that Telford is one of the lowest-cost places to live.

The study by livingcomfortably.co.uk looked at Office of National Statistics data and data from livingcost.org to work out the cost of living in 147 places in the UK.

The key findings are that, as a single person in Telford, you need £2,466 a month take home pay, that’s after tax, to live comfortably. This equates to roughly £36,000 a year, or around £17.30 per hour gross, based on a 40hr week.

As a family of four, that rises to a household income of £6,056.

Charlie Bailey, financial expert and accountant at GoForma said: “We’ve defined financial comfort as being able to follow the 50-30-20 rule.

“This states that 50% of your take home pay can cover your essential needs like rent/mortgage, food, utilities and transport.

“30% of your take home pay then goes on nice to haves like meals out and weekend trips.

“Finally 20% goes into investments like ISAs and emergency funds.

“With the State Pension age expected to go up past 66 years old in 2026, the number of people who cannot put 20% of their earnings into investments is worrying.

“It’s looking unlikely that Millennials and Gen Z will be able to survive on a state, or even company, pension alone, so putting some money away in investments is absolutely key to being financially secure in old age.”

The study calculated that while 42% of single people in Telford and Wrekin are financially comfortable, that figure drops to 28% for families.

How do feel about the cost of living in Telford?

Pic: Telford Live’s latest shopping trip.