30th December 2014
The typical UK household will spend a staggering £713,232 on bills and living expenses over a lifetime a new analysis by uSwitch.com has found.
The price comparison site’s study claimed that the most significant household expenditure is transport at £164,736 – almost as much as the average UK house price, which is valued at £186,741 according to data from Lloyds
In addition, the average food and non-alcoholic drink spend amounts to £137,592, while communication costs stand at £33,930.
In terms of energy bills, households will fork out more than £60,000 over a lifetime, almost double the average pension pot of £36,600.
However the firm advised that consumers could reduce their spending on energy by £228 a year by switching to a different energy provider – leaving them a massive £10,260 better off over the course of a lifetime.
Tom Lyon, energy expert at uSwitch said: “These striking figures clearly show the massive pressures on household budgets to keep up with the cost of living. We are now spending double the amount of the average house deposit on our energy bills during a lifetime, yet consumers could easily save £10,000 by switching to a better deal.
“The New Year is a great opportunity to start afresh and make some resolutions to start saving precious pounds. The introduction of faster energy switching means that changing energy supplier is quicker and easier than ever before, so now is the ideal time to make sure you’re on the best deal.”
|Household expenditure over a lifetime|
|Household spending||Average amount per household per week||Per year||Per lifetime|
|Recreation and culture||£63.90||£3,322.80||£149,526|
|Food and non-alcoholic drinks||£58.80||£3,057.60||£137,592|
|Household goods & services||£33.10||£1,721.20||£77,454|
|Fuel and energy||£26.50||£1,378||£62,010|
|Clothing and footwear||£22.60||£1,175.20||£52,884|
Source: uSwitch calculation based on ONS data