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Household bills cost over £700,000 in a lifetime

30th December 2014 Print

The average UK household will spend a staggering £713,232 on bills and living expenses over a lifetime, according to analysis by

The most significant household expenditure is transport at £164,736 – almost as much as the average UK house price (£186,741). Food and non-alcoholic drink spend amounts to £137,592, while communication costs stand at £33,930.

Households will spend more than £60,000 on energy over a lifetime. This breaks down as £26.50a week, or £1,378 a year for the average household. The total is equivalent to almost double the average pension pot (£36,600) or double the amount of the average house deposit (£31,000).

Consumers could reduce their spending on energy by £228a year by switching to a different energy provider – leaving them a staggering £10,260better off over the course of a lifetime. This saving could pay for a year at university including tuition fees, travel, books and equipment (£10,133). Despite the scale of these savings, almost two-thirds (62%) of consumers have never switched.

Over a third (37%) said they would use an annual £228 saving towards a rainy day fund, while 23% would pay off their debts. A fifth of consumers (21%) would put it towards the cost of a holiday, and eight per cent would treat themselves to new clothes or a gadget.

Consumers are most likely to put a saving of £4.38 per week away in savings (50%) – although ten per cent would buy a lottery ticket and six per cent would buy a morning coffee.

Tom Lyon, energy expert at, says: “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.”