That’s according to Direct Line Life Insurance, which has published a survey providing an insight into the average Brit’s disposable income and how much of this is splashed on guilty pleasures.
It revealed people in the UK had an average of £1,067 left each month after tax and rent or mortgage commitments.
Of this cash, caffeine lovers spent £30 a month – almost £400 a year – on coffee. Drinkers spent on average £69 each month in the pub and takeaway devotees would fork out £58 on their food deliveries.
Those who smoked or vaped spent the most on their guilty pleasure, using up £100 on average of their income.
Yet, Direct Line discovered that while many found easy to justify ‘life’s little luxuries’ six in ten of us did not have any life insurance cover. And this was despite the average premium being less than the weekly coffee run or a trip to the pub.
Jane Morgan, business manager at Direct Line Life Insurance, said: “By making a few small sacrifices, like cutting back on a few coffees or choosing to make dinner at home once a month, rather than going out to eat, you can instead provide long term financial protection for you and your family.
“It is easy to say ‘I’ll think about that later’ or put it off for a rainy day, but it’s important to be prepared for your financial future, no matter what life may bring.”
The survey also revealed people from Liverpool had the highest monthly disposable income, being left with £1,401 after tax and accommodation. London was next on the list, with residents’ disposable incomes averaging £1,206. People in Glasgow had the least, with £818.
Morgan added: “Planning for your financial future can appear intimidating and it’s easy to put off, especially when thinking about life insurance or critical illness cover, but some things aren’t as mind-boggling or as expensive as you might think.”