An insight into the spending habits of UK households, broken down by household characteristics and types of spending, was released by the Office of National Statistics today.
We have analysed the data and found that on average Brits spend more on chocolate, takeaways, mobile phone subscriptions and pets than they could on insuring their lives.
It can cost as little as £5 a month, or around £1.25 per week, for life insurance; based on a quote to insure a 30-year-old male non-smoker for 25 years for £150,000.
Yet on average in 2015/16 the UK population spent £45.10 a week on restaurants and hotels, £3.40 a week on satellite subscriptions, £2.80 a week on cigarettes and £1.90 a week on chocolate.
The ONS figures show that for the first time in a decade the spend on alcoholic drinks and tobacco dropped by a third to £11.40, with £7.80 of that spent on alcoholic drinks. On average £3.60 is spent per week on tobacco, with £2.80 of that being on cigarettes. The average Brit also spends £7 per week on mobile phone charges, £4.60 per week on pets, 70p per week on going to the cinema and 80p per week on stationery.
We realise that talking about what financial provisions are in place, should someone pass away, isn't the most attractive subject; but when you compare that we spend £1.40 per week on tea and coffee and that it could cost around the same to safeguard our families' future, we think it's an important subject to highlight.
To find out today whether you could spend less on protection for your family than you currently spend on chocolate, takeaways or your mobile phone subscription; try our Life Insurance Cover Calculator.
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The stage in your life and the responsibilities you have, rather than your age, should be at the forefront of your mind when thinking about whether life insurance is right for you.