Those looking to live like a 1950s millionaire would have to stash away even more cash in their savings account, according to new research.
A study by Halifax has found that someone after the lifestyle of a 1958 big spender would need to have £17.5 million in savings in order to do so.
It also predicts tat the value of a million pounds in savings today will be cut by nearly two-thirds over the next 50 years if inflation increases at two per cent per annum.
Martin Ellis, chief economist at Halifax Financial Services, stated that those who do have savings worth £1 million should look for help to get the most out of their money .
"Although £1 million cannot fund the lavish lifestyle it once could, it can still go a long way with careful financial planning," the savings expert said.
Recently, a study by Alliance and Leicester Savings found that 92 per cent of people think that the interest rate is the most important attribute of a savings account .
GBP1m in savings is not what it used to be, study finds
GBP1m in savings is not what it used to be, study finds
Wed, 12 Nov 2008
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