Expenditure totals worked out by Axa
The amount of money it costs to maintain an average lifestyle has been worked out by Axa, an insurer.According to the firm, today's 18-year-old would spend around £1.75 million across the rest of his or her life.For the average 55-year-old, the total was a still-hefty £624,000.Axa worked out its total spends by monitoring the expenditure habits of 2,100 Britons.The firm also found that the average Briton spends £240 a month on groceries and £68 on going out.Steve Folkard, head of savings and pension policy at Axa, said: "According to Oscar Wilde a cynic knows the price of everything and the value of nothing. We say 'know the price of everything and the value of planning'."We've just experienced a global economic shock, and we're now moving into the aftermath; potentially a prolonged recession whatever stage of life you're at, you can take control and get your finances back in order."
Share this..
Related stories
Confusion and disagreement on UK bank split
Despite the fact that the UK government and the Bank of England appear in favour of spitting UK banks into smaller more competitive components, Lord Adair Turner, the chairman of the Financial Services Authority (FSA), has today issued his opinion on the subject. He believes that by detaching the more stable elements of the UK banking sector from the "Casino institutions" we could well be injectin...
Read MoreFirst Direct launches new mortgage Tracker
First Direct has launched one of the most competitive lifetime mortgage Trackers seen in the UK with an initial charge of 2.58%, i.e. 2.08% above base rate. While the setup fee for this particular mortgage arrangement is £999 and requires a 35% deposit there are very few restraints along the way. There are no early repayment charges, which will allow customers to leave the arrangement if rates ri...
Read MoreSteelworkers union denies offering to take a pay cut
As reported recently there have been strong rumours that unions representing the workforce of Corus, the worldwide steel business, are looking to hammer out a deal with the company which will see pay cuts across the board for the next six months in order to save at least one factory earmarked for closure. However, the unions are currently denying this claim although they agree they have an imminen...
Read MoreLloyds bank set to announce a £23 billion fundraising
Lloyds bank is rumoured to be on the verge of announcing a £23 billion fundraising which will see investors inject around £12 billion into the business and a further £11 billion would be raised through the issue of new loan capital to replace existing borrowings. All in all, the UK taxpayer would be expected to inject a further £5 billion into the operation because of its 43% stake in the enla...
Read MoreIdentity theft, the threat is real and here!
It is becoming more and more apparent that criminal gangs are targeting the UK and identity theft is becoming more and more of an issue in both the consumer and business markets. We recently saw tens of thousands of Hotmail accounts farmed using bogus websites, call centres infiltrated by criminal gangs and the traditional skimming off credit cards continues to increase. Are you taking sufficient...
Read More