£2m cost of London life

The crippling cost of living in London is revealed today - at more than £2million in a lifetime it is higher than in any other part of the country.

Higher prices mean those living in the capital pay out £500,000 - 27 per cent - more than Scotland, the next most expensive region.

Londoners spend £45,000 on staff, such as cleaners and nannies - six times more than the average for the rest of the UK.

The average British adult will spend £1,537,380 million each on everything from tax to socks during their lives, according to a report by the Prudential published today. In London that total rises to £2,043,950.

Most of it is spent on mortgage, food and clothing, with the taxman taking the next biggest chunk. Each adult spends £552,772 covering the basics such as shelter, food and clothing. Tax, including income and council tax, accounts for another ?286,311.

But at a time when personal debt is at an all-time high and more people than ever face poverty in retirement, paying for leisure and luxuries follows close behind.

Enjoying holidays, hobbies and eating out costs £236,312 while essential travel - private car or public transport - costs £137,126.

Utility bills will set the average adult back by £101,760.

There is also a £91,395 price tag for professional and financial work such as insurance and legal fees. Investments add another £91,124 to the cost of life. Then there is the £40,650 expected to be spent on education and children.

Prudential's figures are based on the Office for National Statistics Household Spending Survey and research from 2,231 adults questioned by YouGov.

The total cost of life is based on an average annual spend at today's prices, across the full age range, multiplied by the average life expectancy. Inflation has not been taken into account.

Angus Maciver, a Prudential UK director, said: "We 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. The real trick is to plan your finances."

The insight into how we spend our money reveals also that the average smoker will spend more than £63,000 on tobacco products.

Men are the more charitable gender, giving 30 per cent more to charity. But they also blow £98,000 on nights out - 40 per cent more than women, and they spend 66 per cent more on cars.

Men also splash out on "boys' toys", spending two-and-a-half times more than women on electronic gadgets. They also outspend women two-to-one on their hobbies and sports.

There is a "yawning genderspending" gap because the £1,717,118 men's cost of living is 21per cent higher than women's £1,363,729, the report found.

Part of this could be the impact of the bigger tax bills that men pay, close to twice as much as women, as well the effect that a career breaks and maternity leave can have on a woman's salary. But the "biggest concern" for women however is poor savings habits, the report found.

The average woman sets aside a mere £59,353 into pensions and investments. The average man saves closer £124,000.