Funny money: Do you know the price of everyday essentials?

Published by Edmund Greaves on 28 February 2018.
Last updated on 28 February 2018

Funny money: Do you know the price of everyday essentials?

The average Brit can only correctly name the price of three out of 10 everyday essentials, according to research from credit report provider Noddle.

Respondents performed most poorly when guessing everyday essentials, such as semi-skimmed milk, baked beans, or a dozen eggs.

In contrast, people were more clued up on the price of indulgent items, such as takeaway burgers or pints of lager in the pub.

Regionally, it appears that people in Bristol and Manchester are the savviest when it comes to pricing a basket of household goods, with people able to correctly guess six in 10. Londoners appear the least price-conscious on average, only guessing two in every 10 prices correctly.  

But on a more serious note, failing to account for the cost of everyday items could be pushing households into debt.

Noddle says that without a proper grasp of the cost of everyday items, households will fail to budget correctly and could end up reliant on credit cards to make ends meet. According to the provider, less than one in four (24%) people make a weekly or monthly budget, while two in five (40%) are reliant on credit cards to pay for groceries on a regular basis.

Jacqueline Dewey, managing director at Noddle comments: “It’s really important to keep a close eye on all spending, no matter how big or small. Good money management through regular budgeting is proven to help in the long term, whether you’re well off or trying to save.”

See the table below to discover if you know the correct price of household items.

    A B C
1 White sliced loaf £1.06 72p £1.30
2 Tin of tuna £1.29 82p £1.79
3 12 medium eggs £2.12 £1.72 £2.53
4 Pack of chocolate biscuits £1.11 £1.34 £1.57
5 Baked beans 59p 31p 79p
6 Takeaway burger £2.82 £1.45 99p
7 2 pints of semi skimmed milk 86p 97p £1.09
8 Takeaway coffee latte £2.17 £3.50 £2.60
9 Pint of premium lager £3.97 £2.90 £2.50
10 80 tea bags £2.10 £2.45 £3.00

Answers: All the correct answers are in the A column. 

 

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Leave a comment

Why is anyone paying these

Why is anyone paying these prices?

Apart from the burger and latte, do your shopping in the budget supermarkets. They also offer premium lagers for around £1 a pint.

Plenty of pub chains sell premium lager for much less than £3.97 for a pint.

Quite right John. Items 6 8

Quite right John. Items 6 8 and 9 are hardly "everyday essentials" and in every other case even the cheapest price seems way too much.