A mobile phone, teabags and a digital camera are considered 'necessities' in modern life - while cinema trips, nights out and take aways are 'luxuries', it emerged yesterday.
A detailed study carried out among 2,000 adults which asked the panel to rank a list of everyday items revealed a large percentage still have a firm hold on the purse strings.
The list of necessities also includes Sky TV, a car and a mobile phone while an annual holiday, DVD player and bicycle were deemed 'luxuries'.
Simon Healy, Managing Director of Savings for new British bank Aldermore, which commissioned the study, said: ''Technology has advanced so much in recent years that we now consider internet access and mobile phones as a necessity for day to day modern life".
''Whilst it's true that it would certainly be a struggle to manage without some of them, it's a far stretch of the imagination to class them as a matter of life and death.
''There is also a keeping up with the Jones' element to many of the things on the 'luxury' list and it's always dangerous territory to get in to a position where you are buying things purely because people you know have them.
"It's staggering that technology has just become so interwoven in to our everyday lives, that it's automatically seen as a necessity when you consider, a mobile phone contract at say £35 per month, that's just under £500 for a year which in fact, is a large outlay.
''But it's not our given right to have all of these things - especially if we are stretching ourselves financially in order to achieve a certain lifestyle.''
The study, which was split 50/50 between male and female respondents, also found more than eight out of ten class a weekly night out as a luxury, while 13 per cent described it as a necessity.
Worryingly, almost four out of ten said a credit card was a necessity, while six out of ten said it was a luxury.
More than half believe a laptop is a luxury while 42% said it was a necessity.
It also emerged around four out of ten adults described a car as a luxury, while a similar number said a watch was also a luxury.
Broken down by gender, almost one in ten women said fake tan was a necessity.
The top ten of the luxuries list was comprised of things like a night out at the cinema and getting taxis.
Four in ten of those polled said that a credit card was a necessity in the 21st Century and 15 per cent claim Sat Nav is also an item you cannot live without.
With social networking being such a huge part of modern life it comes as no surprise that over a quarter of British adults said Facebook and Twitter were essential to their day to day life.
One in four said they genuinely couldn't manage without the internet.
And the study also found three quarters of people said that they realise that material items are not exactly a matter of life and death but they still regard them as a necessity.
However 72 per cent said the line between what constitutes a luxury and a necessity are blurred.
And furthermore 69 per cent of Brits felt that some people have their priorities all wrong.
In fact 71 per cent said the younger generation of today had no idea what it's like to be down to the bare necessities.
Simon Healy added: "69% of respondents might think that other people have got their priorities wrong but whatever you consider to be a luxury, there's no arguing that you can have more of them simply by taking a few minutes to ensure you've got the best account for your savings"
Mobile phone, Fridge, Freezer, Cooker, Kettle, Car, Hot water, Teabags, Watch, Reading glasses, A digital camera, Sky TV
Facebook, iPhone, iPad, Hair straighteners, A girly night out, UGG boots, Annual holiday, Laptop, Weekly take-away, Dishwasher, Credit Card, Bicycle, Monthly cinema trip, Season ticket to football club, Twitter, Sat Nav, DVD player, George Foreman grill, Internet banking, Make-up, Kindle, Fake tan, A designer handbag, Regular weekends away, Haircut every six weeks, Air conditioning, Boys night out.
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