Research conducted by insurer Prudential suggests that housing, food and clothes are the biggest expenses over a lifetime, costing more than half a million pounds (£552,772), or a third of the total.

Tax is the next highest expenditure for most people, accounting for a further one fifth of the total, or £286,311 in income and council taxes, while leisure and going out cost an average of £236,312.

The survey found men give 30 per cent more to charity than women, but the average man also spends £98,000 on nights out during adulthood, 40 per cent more than women. Men also spend two-and-a-half times more on electronic gadgets, twice as much on hobbies and sports and 66 per cent more on cars, the survey suggests.

The average male cost of living is £1.7 million pounds, 21 per cent higher than the £1.4 million spent over a lifetime by women.

The study also showed regional differences, with Londoners spending most as adults; an average of £2 million from the age of 18 to the end of their lives. The Midlands and Wales were the cheapest places to live, with the average adult spending £1,405,677 during their lifetime.

“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, a spokesman for Prudential said.

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