Single individuals bear the burden of spending an additional £860 per month on living expenses compared to those in relationships.
According to analysis conducted by Hargreaves Lansdown, the costs of rent, groceries, and household bills are significantly higher for single individuals living alone in comparison to couples.
The average monthly expenditure for a single person on typical expenses like food, internet, and a Netflix subscription is £1,851. On the other hand, a person in a relationship would spend only £991 on the same services, as reported by the broker.
Hargreaves Lansdown’s survey found that single individuals are also less likely to possess sufficient emergency savings, with only 53% having them compared to 79% of those in relationships. Moreover, in terms of financial resilience, only 14% of singles have enough cash left over at the end of the month, whereas this number rises to 47% for individuals in couples.
Sarah Coles, representing Hargreaves Lansdown, commented, “Single individuals have lower savings and leftover cash at the end of each month. Over the long term, this also hampers their ability to build property equity or save adequately for a moderate retirement income.”
Coles additionally highlighted the challenges faced by single parents, with three-quarters of them facing poor or very poor financial resilience.
She further noted, “Even the tax system appears to work against single individuals. Specific tax breaks exist for married couples, such as the marriage allowance, tax exemptions on inherited assets between spouses after death, and exemptions from capital gains tax on assets transferred while both individuals are alive.”
Furthermore, Coles pointed out the inequality in child benefit, stating, “Single parents earning over £50,000 start losing their child benefit, while a couple with each member earning up to £49,999 can still receive the benefit in full.”
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