2024 update: How much does the average Brit spend in a lifetime?

Over the last few years, the cost of living has grown wings. It’s been very hard not to notice the price of your regular shopping basket creeping up month by month, or the extra money that’s needed to be found to cover rising bills.

But how does this fit into the big picture? What impact will it have over a lifetime? We know that’s a big question, but we’ve completed the calculation to reveal how much the average Brit living in 2024 will spend during their life.

And what’s more, we carried out this same exercise back in 2021, just when the cost of living crisis was starting to emerge. So we can now compare the fresh data to see just how much the last couple of years will set us back.

What is the 2024 lifetime cost in the UK?

We calculated that the average UK lifetime spend in 2024 is now over £1.6 million (£1,675,399.11). This accounts for spending in different categories, like raising children, holidays and buying a house, across the average UK life expectancy of 81 (World Bank).

We also worked out that, in 2024, the average Brit will earn £32,000 less than the £1.6 million cost (based on ONS data), leaving them with a significant shortfall in earnings.

Some of the most significant costs that we calculated over the course of a lifetime are:

• Buying a house: £299,000. In 2024, this cost is up £32,258 compared to 2021 data, representing a 12% rise.
• Raising children: £287,570. Having children has increased a staggering £118,411 from 2021, highlighting the effects of inflation.
• Holidays: £198,093. Brits will now spend an additional £90,876 on trips away over a lifetime than they would have done in 2021.
• Christmas and birthdays: £140,553. Brits will spend an additional £46,002 on occasions for loved ones in 2024 compared to a spend of £94,551 in 2021.
• Recreation, alcohol and eating out: £137,357. Brits have cut back on recreation, alcohol and eating out spending by £71,643 compared to 2021.
• Transport: £101,990. Another area where people in the UK are cutting back on, with a projected decrease of £36,658 in their lifetime from 2021.
• Furry friends: £87,908. While we still love our pets, our lifetime spending on them has fallen by £7,292 from £95,200 since 2021.

Note: Full 2024 costs are available below.

How does this compare to the average UK lifetime cost in 2021?

In 2021, we calculated that the total lifetime cost of living in the UK was £1.5 million (£1,543,834), which was actually £150,000 more than the average Brit would earn over the course of their life (£1.35 million).

Compared to 2021, Brits in 2024 are spending an extra £131,565 in total across their lives. This is likely influenced by high levels of inflation and a cost of living crisis that has seen prices rise. It also still leaves a shortfall in lifetime earnings of £32,000 for the average person in the UK, so spending is still beyond the average income.

However, we have seen many people in the UK reign in some of their spending habits in response to the cost of living crisis. Some of the areas we’ve seen cutbacks in include transport, pets and recreation and eating out. It shows that Brits have responded to the rising costs by cutting spending in areas that are perhaps deemed non-essential or finding ways to save money on costs that are essential over the last three years.

How can I make my money go further?

With the UK’s average cost of lifetime still beyond the average lifetime income, there’s no better time than the present to consider how you can make your money go further.

Research the best deals available

To help weather the cost of living and rising inflation, it’s usually a good idea to ensure your money is working as hard as it possibly can. Start by looking at where you bank — are you currently getting a competitive interest rate on your savings? If not, consider switching to a bank that does. After all, the more interest you earn, the more you can reinvest. It’s a reliable way to grow your money.

You’ll also probably want to look at the best deals available where you’re paying out money. Whether it’s your energy bills, broadband, mobile provider or something else, there’s often a better deal to be found out there that can save you money. And thanks to legislation like the Energy Switch Guarantee and Auto Switch for mobiles, many of the road blocks that previously made moving providers a hassle have been removed.

Take on a saving (or spending) challenge

If you’ve struggled to stick to a saving habit in the past, you might benefit from taking on a savings challenge. They are a great way to gamify things and add a bit of excitement.

There are quite a few challenges that you can get stuck into, but we’d recommend the 1p challenge if you’re just starting out. It’s simple: you save in 1p increments each day for a year, starting with 1p on day 1 through to £3.65 on day 365. Eventually you will have built up £667.95, which is a nice sum to build your savings from.

Fancy a spending challenge that will help you save? Try the ‘rounding up challenge’ that involves rounding up your purchases to the nearest 50p or £1 and saving the difference. The amounts might seem small, but they add up over time.

Become more financially literate

It pays to become more familiar and knowledgeable with your finances. By educating yourself on the intricacies of money, you can put yourself in the best position to save, spend and manage it well. From budgeting to taxes, there’s plenty to learn about, and you can usually gain this knowledge without much of a cost.

What’s more, there are plenty of resources to match your preferred method of learning. There are a tonne of books, blogs, online courses, podcasts and social media channels dedicated to sharing financial know how. Find one that works for you and get studying!

Improve your credit score

A high credit score can get you access to lower interest rates on financial products like mortgages, personal loans and insurance, saving you money in the long run. Therefore, it’s worth putting in the time and effort to improve your credit and keep it flying high.

Start by finding out what your credit score is through an established credit reporting agency like Experian, Equifax or TransUnion to see where you stand. Next, make sure that you’re aware of the pitfalls that can lower your score. Finally, build your score by making your payments on time, make sure you’re on the electoral register and apply for credit sparingly (read MoneySavingExpert’s guide for more advice).

Find a life balance and be patient with yourself

While the current financial climate can be challenging, it needn’t be all doom and gloom. There are lots of ways to mitigate some of life’s costs while still being able to enjoy a full and rich lifestyle for yourself.

Try to be frugal and financially savvy, but don’t take it to the extreme and end up taking all the enjoyment out of life. Aim to strike a sensible balance between those moments of cutting back and those of letting loose. Most importantly, don’t beat yourself up if you make a decision that seems wrong in hindsight, you’ll end up doing yourself more harm than good. Instead, pick yourself up and treat it as a life lesson for the next time around.

Our full 2024 life costs data

Item	Average spend across a lifetime in 2024
Children	£287,570
Weddings	£13,500
Divorces	£2,058
Holidays	£198,093
Dogs	£54,608
Cats	£33,300
Clothing	£57,815.73
Buying a house	£299,000
Housing fuel and power	£120,222
Food/soft drinks	£85,243.90
Eating out	£47,705
Household goods	£47,567.91
Recreation and culture	£76,903.75
Insurance	£24,812
Personal care	£15,353.33
Communications	£29.061.66
Alcohol	£12,748.75
Health	£12,474.58
Transport	£101,990
Christmas	£114,093
Birthdays	£26,460
Further education	£14,818.50
Total	£1,675,399.11