Any investors from the blistering summer of 1976 will be in the money now
Hard to believe for those of us who remember it, but it’s 50 years since the blistering summer of 1976.
At least economists are not quite as hot under the collar about last week’s warnings to the UK from the International Monetary Fund as they were a half century ago, when James Callaghan’s government had to ask for a bailout.
The nation sang along with Abba, whose song Fernando was the soundtrack to the sunshine.
In the searing heat of Wimbledon, Bjorn Borg won the men’s singles title and Chris Evert took home the ladies’ trophy, for prize money of £12,500 and £10,000 respectively.
Money, Money, Money: Abba was flying high in the UK music charts back in 1976
If they had invested their winnings in a diversified portfolio of shares and bonds, his would be worth around £410,000 and hers £328,000, assuming annualised growth of 7 per cent with dividends reinvested.
An investor who put £50 a month in a similar portfolio from then until now might have a nest egg of £274,000, according to Continuum.
Martin Brown, managing partner at the financial advice firm, said: ‘Regular savings over the medium to long term could give us many future days in the sun – looking back to 1976 illustrates just that.’
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