Research from Bright Grey shows UK residents have to work 150 days to pay for their share of the state and 55 days working to pay for housing.
They spend a further 28 days paying for bills but would spend just four days working to make sure they are protected by life, income protection and critical illness cover.
Roger Edwards, managing director of Bright Grey, said: “Despite spending more than half the year paying for tax, housing and bills, a further two months to pay for food shopping, any debts and essential transport, it is the end of October – 10 months’ salary – before the average Briton can really use their money on anything they want to rather than necessities.
“Given that we have to work so long to cover the basic living costs it is worrying that we are willing to lavish 10 days of our salary on going out and entertaining compared to the four days that we allocate protecting ourselves and our families should we lose our income.
“We urge Britons to review their finances and really think about what they spend their money on so they can prioritise safeguarding their futures