£100 in 1964, what would that be now?

Ladywriter1968

I found an old letter that my Mother in 1964 had to pay out £100 for something, I am curious to know how much of £100 of then would be worth in todays money of the equivalent? I am sure an expert out there would actually be able to even work this out? and if you can? can you tell me how you did it for my own future reference? Thanks.

Ladywriter1968

Ladywriter1968 wrote: »

I found an old letter that my Mother in 1964 had to pay out £100 for something, I am curious to know how much of £100 of then would be worth in todays money of the equivalent? I am sure an expert out there would actually be able to even work this out? and if you can? can you tell me how you did it for my own future reference? Thanks.

It was actually £85 in 1964 she paid out but I rounded it off to £100 as thought it would be easier for someone out there to work out? and please do tell me how you did it? We estimate that £100 in 1964 would be around a £1000 now, but we are only guessing.

Fire_Fox

You could download the 'Average earnings and retail price index 1964-2000':
http://www.statistics.gov.uk/STATBASE/ssdataset.asp?vlnk=3581&More=Y

Or relative values of sums of money from a university website:
http://privatewww.essex.ac.uk/~alan/family/N-Money.html
http://projects.exeter.ac.uk/RDavies/arian/current/howmuch.html

Or a 'purchasing power of the pound' calculator here:
http://www.measuringworth.com/ppoweruk/?redirurl=calculators/ppoweruk/

All found by the ever wonderful Google.

Linton

Ladywriter1968 wrote: »

I found an old letter that my Mother in 1964 had to pay out £100 for something, I am curious to know how much of £100 of then would be worth in todays money of the equivalent? I am sure an expert out there would actually be able to even work this out? and if you can? can you tell me how you did it for my own future reference? Thanks.

About £1500 - see http://safalra.com/other/historical-uk-inflation-price-conversion/

I believe it can only be a rough figure because the data wasnt collected in the same way at that time.

opinions4u

Using this link which claims to be "interest rates on savings accounts since 1960" I reckon your £85 would have grown to £1,387.82 by the end of 2008, assuming no tax deductions from interest.

Assuming a 20% tax deduction from interest each year (because I can't be bothered researching actual savings tax rates, although I suspect they would be higher) the figure reduces to £806.45.

Of course, you could use other ways to measure the value of money such as inflation, BofE base rates or stock market returns inclusive of dividends.

Ladywriter1968

thanks everyone and thanks for that site

DesertFlyer

Roughly £1300 based upon historic inflation - probably most appropriate measure if you want to compare the cost now rather than how much it would have turned into had you put it in savings.

http://www.thisismoney.co.uk/historic-inflation-calculator

I remember one of my great uncles used to give me a £20 note as a child when he saw me at Chistmas etc. would be roughly equivalent to giving someone a £50 note now! Quite generous of him!

sabretoothtigger

Savings have not always kept up with inflation unfortunately. My guess would be closer to 2000 now for 100 then

In 1964 a Ferrari cost about £5,700 so in that regard £100 seems like alot today.
If we take the price of a Ferrari now, 130k then the equivalent 100 would be over £2000 now

That was a hefty bill!

tradetime

DesertFlyer wrote: »

Roughly £1300 based upon historic inflation - probably most appropriate measure if you want to compare the cost now rather than how much it would have turned into had you put it in savings.

http://www.thisismoney.co.uk/historic-inflation-calculator

I remember one of my great uncles used to give me a £20 note as a child when he saw me at Chistmas etc. would be roughly equivalent to giving someone a £50 note now! Quite generous of him!

Interesting little calculator, I wonder how accurate it is.