An 18-year-old will need almost £1.75 million in today’s money to sustain a typical standard of living throughout their life, new research by Axa has suggested.
Figures produced by the financial firm showed that the average annual expenditure per person is £28,455.41, meaning that an average 18-year-old will spend £1,745,739.82 in their lifetime.
The survey of over 2,100 people was part of Axa’s My Budget campaign, which aims to encourage people to plan and review their finances every month to ensure they are saving as much as possible.
“We’re asking people to take action; to set aside one hour a month to review their finances. We know that people who do will be better off financially and emotionally,” head of savings and pension policy at Axa Steve Folkard explained.
Those looking to implement a debt management plan to help regain control of their money may wish to follow the firm’s advice.
A recent PricewaterhouseCoopers survey has revealed borrowing in the UK has doubled in the last eight years, with the average adult now owing £40,000.
By Tom Musk