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What are your clients spending their income on?

8 November 2017

The average person will spend a hefty £686,000 on household bills over the course of their life, according to a new study by Compare the Market.

The poll of 2,000 bill payers found the average household will pay out £11,379 a year on energy and water bills, mortgages or rent and insurance and loans, amounting to £686,125 over the average adult lifetime. In this time, £57,982 will be spent on energy bills alone.

Compare the Market said: “Bills account for a large amount of our outgoings, and yet a number of Brits don’t even know what they’re paying for. Whether it is their energy bills or another supplier, some people even confess to not reading bills as a result of the complexity of understanding them.”

Insurance payments amount to £52,106 over a lifetime, with car insurance listed as the biggest outgoing, the findings showed. A further £66,144 is spent on loan repayments over a lifetime, with almost a quarter of respondents admitting to using credit cards or loans to help pay the bills and 14% said they will turn to their parents for financial support.

The research, conducted via OnePoll.com, revealed that a large number of consumers don’t fully understand what their bills entail, with a third unaware what their electricity bill covers and almost one in six admitting they do not read their energy statements. Nearly two thirds agreed they would like to see a variety of household bills simplified.

More positive were the developments in technology, with mobile banking found to be the most useful innovation in helping to make life easier, followed by contactless payments and online grocery shopping.

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