A new report from which were compiled for Prudential, are based on the Office for National Statistics Household Spending Survey and research by YouGov on more than 2,000 adults reveals...

A new report from  which were compiled for Prudential, are based on the Office for National Statistics Household Spending Survey and research by YouGov on more than 2,000 adults reveals that the average Briton will spend more than £1.5m in their lifetime.

£550,000 on food, clothing and shelter; £290,000 goes to the taxman from the average lifetime purse; £236,000 going on holiday, eating out or pursuing a hobby; £137,000 on essential travel, such as getting to work; £100,000 goes on utility bills which slip out of bank accounts via direct debits each month; £90,000 for professional and financial work like legal fees and insurance policies; £40,000 on your childrens education; And those cigarettes are going to cost more than £60,000 over a – probably reduced – lifetime.

Angus Maciver, Prudential UK’s director of brand, said: "The old saying goes that there are only two certainties in life – death and taxes. We’d add expense to that small and somewhat grim list. The real trick is to plan your expenses and your finances in general."

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