Britons spending 1.5 million each

The average Briton spends 1,537,380 during their lifetime, a new report has suggested.

12:42 26 April 2005

The average Briton spends 1,537,380 during their lifetime, a new report has suggested.

A survey from insurer Prudential found that housing, food and clothes were the biggest drain on finances - together these came to 552,772.

The next biggest outgoing was tax, with the average person paying 286,311 in income and council taxes.

Prudential reached these figures by multiplying average yearly spending by life expectancy.

A spokesman for the insurer, Angus Maciver, said the research was undertaken to highlight the need for people to save for their retirement.

"We certainly are not suggesting that you should not get another dog, or take that trip to New Zealand next year," he explained.

"But we all need to be aware where our money goes and perhaps where we can trim costs."

The third biggest expense was leisure and going out - these cost the average person 236,312 during their lifetime.

Meanwhile, men should expect to spend 21 per cent more than women, simply because on average they earn more.

Londoners will also spend around 500,000 more than the average person in the UK, taking their total up to 2,043,950.

Mr Maciver added: "The old saying goes that there are only two certainties in life - death and taxes.

"We would add expense to that small and somewhat grim list. The real trick is to plan your expenses and your finances in general."