The average person needs £29.40 to get through a day to meet all their bills and spending commitments, according to new analysis from MetLife.
It established the amount from transport costs, housing and fuel as well as food, drink and entertainment, including TV, with mobile phone bills and clothes and shoes adding to cost.
The £29.40 a day cost of living is only the average – the wealthier you are the more your day costs with people living in the top 10% of households by wealth needing £63.30 a day to get by.
MetLife believes the analysis of spending figures across UK households demonstrates the importance of having a financial safety net in the shape of protection insurance in the event of not being able to work through illness or a serious accident.
Transport including the cost of running a car and the price of public transport takes the biggest slice of spending at 14% of the cost of a day narrowly ahead of the cost of housing and fuel which takes a 13% cut.
Entertainment, which includes TV, and spending on cinema, theatre and sporting events, accounts for around 12% with food and non-alcoholic drinks taking up 11% of spending. Spending on communication including mobile phones makes up around 2%
Stephanie Baillie, employee benefits director, MetLife UK said: “Spending nearly £30 a day on average brings home how expensive it can be just getting by while reminding us that there are costs we just cannot avoid.
