We all know the cost of living is on the increase, but did you know that an average 18 year old will need exactly £1,745,739.82 to sustain a constant standard of living throughout their life!

Axa’s research , as part of their My Budget campaign, shows that the average annual expenditure per person is £28,455.4. Worryingly it seems that many of us will be left needing debt help at some stage of our lives, as we each exceed our salary by approximately £4,000 a year.

This research is designed to help people understand their financial needs and to get their debt management skills under control for the future. Steve Folkard, head of savings and pension policy at Axa, commented: “”According to Oscar Wilde a cynic knows the price of everything and the value of nothing. We say ‘know the price of everything and the value of planning’.”