The average British household spends a £1.9million over a lifetime
The huge total includes nearly £568,522 on housing and utility bills and more than £210,000 on food and non-alcoholic drinks.
But it’s not all just about paying the bills. On average, households spend around £300,000 on holidays, entertainment and restaurants as well as nearly £50,000 on alcoholic drinks.
The report, which is published today by financial planning experts Tilney Group, is based on official data from the latest Office for National Statistics family spending survey.
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More than £210,000 are spent on food and non-alcoholic drinks
The key to enjoying a comfortable lifestyle in later life is to plan ahead
It found the average adult will hit the £1million household spending milestone at the age of 50, and still face the prospect of £893,500 of spending in later life.
Almost half of this, £420,500, will be incurred during retirement.
The report reveals that householders aged 45 to 65 are underestimating retirement spending by £100,000, exposing the pressure their savings and investments may come under in later life.
A typical retired household spends £99,500 on having fun
A typical retired household spends £99,500 on having fun, with £41,000 on holidays, £36,000 on entertainment and £22,000 on restaurants.
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Around one third of their spending (£141,000) keeps a roof over their heads.
Andy Cowan, Head of Financial Planning at Tilney described the described the spending sums as” mind-bogglingly large”.
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Householders aged 45 to 65 are underestimating retirement spending
He said: “While some of today’s retirees are in a position to enjoy recreation and achieve their desired lifestyle, those coming behind face significant pressures on retirement income and much greater uncertainty because of the demise of traditional, predictable final salary pensions, and must overcome a number of hurdles if they want to ensure they can live with financial security in their own retirement.
“The key to enjoying a comfortable or even prosperous lifestyle in later life when you are no longer earning is, of course, to plan ahead and to start investing as early as possible.”
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