People spend more than £1.5m during their lives

Housing, food and clothes are the biggest expenses, costing £552,772 on average during a lifetime.

The next biggest outgoing is tax, with the average person paying £286,311 in income and council taxes. Leisure and going out cost £236,312 on average.

Prudential arrived at its figures by multiplying how much people said they spent by average life expectancy.

Lifetime cost of living across UK London £2,043,950 Scotland £1,499,375 Northern England £1,489,416 Southern England £1,465,975 Midlands and Wales £1,405,677 Source: Prudential

The average spending statistics were based on the Office for National Statistics Household Spending Survey and a separate survey of more than 2,000 adults.

The results highlighted major differences in spending and saving levels between north and south.

The lifetime cost of living in London was estimated to be more than £500,000 more than the UK average.

At the other end of the scale, the Midlands and Wales are the cheapest places to live, where the average adult will spend £1,405,677 during their lifetime in these areas.

Gender differences

The survey also revealed that men are set to spend and save far more than women during their life.

Men will spend £1,717,118 on average during their lives compared to £1,363,729 for women, Prudential said.

Men will spend up to 40% more than women on going out as well as being far more likely to splash out on the latest gadget, the survey revealed.

On the savings front, men are predicted to set aside £124,000 on average during their lives, more than twice the £59,353 figure for women.

Major lifetime costs Essentials, food, shelter and clothing £552,772 Taxes including income and council tax £286,311 Leisure and luxuries £236,312 Essential travel such as running a car £137,126 Utility bills £101,760 Legal fees, insurance and other financial costs £91,395 Investments £91,124 Education and children £40,650 Source: Prudential

In addition, men will pay twice as much tax as women during their lives.

Prudential said that women's lower spending and saving levels reflects the gender wage-gap and the need for many women to take time out of the workforce to look after children.

Planning needs

Angus Maciver, Prudential spokesman, said that the insurer, one of the UK's largest providers of personal pensions, undertook the survey to highlight the need for people to plan for their retirement.

"We certainly aren't suggesting that you shouldn't get another dog, or take that trip to New Zealand next year. But we all need to be aware where our money goes and perhaps where we can trim costs," Angus Maciver, Prudential spokesman said.

"The old saying goes that there are only two certainties in life - death and taxes.

"We'd add expense to that small and somewhat grim list. The real trick is to plan your expenses and your finances in general."

Do women in the North really spend less than men in the South? How much is it costing you to live? Send us your views and comments using the form below.

Your comments:

Women only appear to spend less because they spend our money.

Markzi, Harrogate

It's nice to know that my biggest outgoing is to be spent by the government, I love investing in speed bumps.

Franc, London

I have two children aged 11 and 8. I know that they have already cost me more than the £40K in the survey. I also believe that the indirect taxes will outstrip the council and direct taxes shown.

Nigel Solkhon, Brentwood, Essex

Justin from Hungary: remember that taxes go towards education too, so it's not all that bad.

Simon, Bradford

Men may spend more, but a lot of it's on women.

Pete, Bristol

I have lived in Brighton, Nottingham and Newcastle over the past five years. The cost of living in the North is now almost on par with the South (with the exception of London.) There is little difference in council tax rates and general living costs yet there appears to be an ever-increasing gap in wages.

Gary, Morpeth, UK

Costs are cheaper up North, but income is less too. I would be able to get double my current salary if I lived in London.

Gareth, Middlesbrough

I find it pathetic that the lowest level of lifetime spending is on education and children.

Justin, Hungary, ex-pat

On the gender difference, I think they are missing the reality of family life for a lot of people. We have a young child and my wife works part time, because of this I earn more than she does. However, my extra spending power is taken by the mortgage and house keeping costs, as I have to fund my wife's missing earnings. Any analysis of our finances has to take us as a unit since about 75% or our joint income is spent on joint bills - and the remainder is split equally between us.

Pete Henderson, Oxford

I can believe that they spend less in the North. If I were living in Manchester, where I went to uni, I would be paying a lot less on the everyday costs like council tax and mortgage. Once I have paid all my bills and food etc, I have about £200 for clothes, make up, car tax, insurance etc. How can I save?!

Rebecca, Oxford

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