Single Brits are spending £10k more a year than those in couples
Being single in the UK seems to be costing singletons nearly £10,000 a year according to new research.
Findings by Opinium, on behalf of Life Insurance Broker LifeSearch, asked respondents: 'to consider how much they spent each month on essentials including mortgage/rent payments, council tax, insurance, utility bills and groceries, as well as yearly spending on non-essential items such as holidays and entertainment.'
Their research found that a single Brit living alone is spending £9,679.20 extra than a couple would. LifeSearch broke down the figures and put forward that those single Brits living alone 'will pay on average £2,789.40 more on mortgage/rent payments, £1,749.60 more on council tax, £1,621.80 more on contents, car and other insurance, £2,073.00 more a year on utility bills and £1,445.40 a year on groceries.'
The near £10k figure does not even include other spending outgoings such as: hotels, family events like weddings and birthdays, going out and dating which adds on a further £930.50 per year.
This cost on single Brits who live alone means they save less than £1000 compared to those in a couple. This has resulted in a third of those who live alone and are single admitting they don’t have a safety net should they fall into financial hardship.
There is a difference in the amount of money a female single Brit living alone has left over after spending on her essentials than a male equivalent. Women who live alone have £264.30 on average left each month after essential spending whilst men have £460.80 according to the new research in January 2020.
Emma Walker from LifeSearch outlined the hardships single people who live alone face: "It can be easy to make light of singles needing ‘protection’, but in all seriousness, it is very important people be aware of how vulnerable a position they may be left in if something unexpected happens. Protection can provide a safety net in such circumstances.
"Sometimes it can seem like life is geared towards being in a couple – with everything from council tax to holidays coming out cheaper if you’re partnered up. But without the back up of a partner’s salary if things go wrong, single people really do have additional challenges when it comes to financial planning."
Here at A Spokesman Said we love fighting for your rights and believe passionately in natural justice.
But these battles cost us money. You could help us fund these fights by using our price comparison site, A Spokesman Said for your energy, car insurance and household bills.
We’re just the same as Go Compare or any other price comparison site, so you won’t be losing out in any way - by helping us, you will be helping yourself.
Thank you for your support.
LOYALTY DOESN'T PAY
A Spokesman Said offers price comparison in energy, insurance and broadband that could save you hundreds.