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Londoners are the only people in the UK dying in debt — of more than £200,000

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London, UK - 24 August, 2016: Lots of people walking in Oxford street, is the main destination of tourists and Londoners for shopping. People caring shopping bags. Modern life concept
London is the only city in the UK where residents are expected to die in debt. Photo: Getty Images

Londoner are expected to die leaving behind "a massive" £243,445 ($345,218) in debt, at an average age of 83, a new study revealed.

It is also the only city in the UK whose population is expected to have any debt at all when dying due to its high cost of living (£2,270 a month), a study by Our Life Plan, a provider of life insurance and funeral services, said.

A report from December 2020 found that London is the sixth most expensive location to live in the world, partly due to high rental accommodation costs in areas popular with expatriates.

Chart: Our Life UK
Chart: Our Life UK

Ian Wright, founder of Our Life Plan, said "Although it’s not a pleasant thought, planning for our death is just as important as planning for our retirement."

"It may help to speak with a financial expert to help sort out your financial affairs so that the burden is not left to your family,” he said, adding that “not all debts disappear when you die."

The population of Brighton and Hove is expected to leave behind the least amount of money (£33,436).

Meanwhile, those living in Bradford are expected to leave behind the most (£159,920), followed by those in Sunderland (£156,205). 

Read more: London is sixth most expensive city to live in the world

Globally, London comes in at number eight when it comes to cities "dying in debt". At £494,027, the residents of Seoul have the highest amount of average debt at their time of death. 

Mexico City takes the second spot, with its population dying estimated to leave behind £378,734, followed by Budapest (£337,491), Ankara (£312,978) and Paris (£270,757).

On the other end of the spectrum is Swiss capital Bern. Residents will leave behind an estimated £306,781 each upon passing. 

The Irish capital Dublin is in tenth place for residents dying with the most amount of money (£78,968), at an average age of 82.

Watch: How to prevent getting into debt

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