The average cost of a lifetime in Britain is over £32,000 more than the average worker earns, data claims.
A typical British person’s lifetime will cost them just under £1.68million, or £1,675,399 to be precise, according to research by Atom Bank.
Thanks to high inflation in recent years, the total has gone up from £1.54million in 2021 – an increase of around £140,000.
Back in 1971, a typical lifetime cost less than half what it does today at £81,453.
The most expensive contributors to the cost of the average life are buying a home, raising children and holidays.
Expensive: According to Atom Bank, the average British person’s lifetime will cost them a total of around £1.68million – with big contributors including holidays, homes and their children
In the past 50 years, house prices have surged over 5,704 per cent. This year, the average house costs £299,000, which is over eight times the average salary of £34,963, and up £32,258 from 2021 data, Atom Bank said.
Raising a child costs around £287,570 per child for a lifetime, according to the research. This is up £118,411 from 2021, highlighting the impact of inflation.
According to the research, holidays comprise £198,093 of our lifetime spend. Britons, the data suggests, will spend an additional £90,876 more on holidays in their lifetime than when the figures were last calculated in 2021.
The research claims Britons will spend around £140,533 in their lifetime on birthday presents and Christmas.
However, many people have reported spending much less on gifts in recent years as they struggled with rising bills.
Prices rose by 2 per cent in the year to June, unchanged from May, which was the lowest figure for almost three years, recent figures from the Office for National Statistics showed.
Interest rates remain at 5.25 per cent, but the Bank of England is expected to start cutting the rate later in the year.
Working from home cuts transport costs
It will come as no surprise to regular commuters that transport costs comprise a sizeable portion of many people’s lifetime spend.
Based on recent data, Britons will spend around £101,990 on transport in their lifetime.
But the rise in hybrid working and working from home means lifetime spending on transport is likely to be £36,658 less than would have been the case in 2021.
The cost of owning a pet has risen seismically in recent years. Atom Bank claims the average person will spend £54,608 on their dogs and £33,300 on their cats throughout their life.
This means if an individual has a cat and a dog, their lifetime spend on pets could be around £87,908.
Cat costs: Feline friends now cost the average Briton £33,000 across their lifetime
The highs and lows of life can also be costly.
On average, Britons will each spend around £13,500 on weddings in their lifetime, with divorce costs also adding to expenditure in some cases. The cost of weddings and divorces can, however, vary significantly and be much higher and lower than quoted.
The lifetime cost of eating out, will, for the average Briton, come in at around £47,705, compared to £3,979 for a lifetime from 1971, Atom Bank said. Many service sector businesses have been forced to increase their prices amid higher costs.
Compared to 2021 data, Britons are spending more in a lifetime overall, but have cut back in certain categories as a result of the ongoing cost-of-living crisis and high inflation during the last few years.
The average lifetime spend calculations were based on an average UK life expectancy of 81 years, Atom Bank said.
Surging : The most expensive contributors to the cost of the average life are buying a home, raising children and holidays, Atom Bank said
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