The ‘cost of being single’ crisis: Millions face difficulty saving
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Factoring in the cost of rent, council tax, essential bills and groceries, the average single person can expect to shell out £1,426 per month in the UK. On the other hand, those in a couple who can split much of this essential spending can expect to spend just £815 per month on the same items.
This disparity also has huge implications for the saving capabilities of these individuals. Based on an average UK salary of £1980 after tax, those in a relationship would have £1,164 leftover after their essential spending, compared to just £553 for singles.
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Hide AdAssuming you aimed to save 25% of the money left over, those in a relationship would be able to put away £291 per month, or £3,493 per year. However, those who are single would save significantly less at £138 per month, or just £1,660 per year.


Decades of saving needed for singles to afford the average UK house deposit
With the average house deposit in the UK reaching a staggering £42,450 in today’s market, it would take the average single person approximately 26 years to save the money for a deposit using just their savings.
In contrast, those in a relationship - who are able to save more on a monthly basis and split the deposit cost between two - would be able to reach this target in just 6 years. That’s a huge disparity of 20 years for those who wish to purchase a house alone.
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Hide AdIt takes more than 1 and a half years longer to save for an emergency fund if you’re single.
It’s often recommended that individuals keep aside an emergency fund for any unplanned expenses or financial emergencies, and this should equate to three months' worth of essential outgoings.
The average single person with higher monthly essential costs would need an emergency fund of £4,278, compared to those in a relationship who would need £2,445 each.
Not only do those who are single need to put away more for this fund, but their ability to save is also lower than for those in a couple. This means it takes much longer for them to build up a reserve like this.
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Hide AdThe study found that a single person would take an average of just over two and a half years to save up an emergency fund of £4,278. On the other hand, for those in a relationship, it would take just 8 months for them to save their required target of £2,445.
On average, singles are left with around half of the disposable income of couples
After essential spending and saving, the disposable income of those in a relationship is significantly more healthy than of those who are single. The study found that those in a couple would be left with around £873 each per month for additional spending such as eating out, clothing, or subscriptions, which equates to around £200 per week. Singles, on the other hand, would be left with about half of this at £415 per month, or approximately £100 per week.
It’s worth noting that this essential spending will of course vary depending on where you are in the UK - you can use Finder's cost of living calculator to compare the average cost of living in each city - https://www.finder.com/uk/banking/cost-of-living-calculator.
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Hide AdLouise Bastock, financial wellness expert at personal finance comparison site finder.com shares her experience, and offers advice on how to lessen the financial burden: I’m a happily single woman, living in my own place, arguably thriving. But when my boiler, fridge, and washing machine all had to be replaced earlier this year, I found myself daydreaming about an imaginary other half who could help shoulder the financial burden.
I’ve always prided myself on being financially independent, but suddenly I was acutely aware of the “singles tax” - the idea that singletons face a higher cost of living than those in relationships.
The tricky thing is there’s not a whole lot you can do about the singles tax. And, if you’re happily single, you almost feel like you don’t have the right to complain. But there are still plenty of ways to safeguard your finances as a single person - or, frankly, even if you’re in a relationship, but your finances are not equal or shared.
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The first is savings. Having a personal safety net is so important; we always recommend having at least 3 months living expenses saved and stashed away. As our research found, it takes a lot longer for someone with a single income to build this kind of fund, but you can accelerate this process by putting your money in a high-interest savings account - you can earn up to 7% (AER) with Santander’s Edge Saver or first direct’s Regular Saver if you meet the T&Cs - to make that money work even harder.
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Look out for singles discounts. Single residents in England and Wales could be entitled to a 25% discount on their council tax. When booking your hols, keep an eye out for accommodation options that charge per occupant - you could get a double room, for a single-person price.
- Share your subscriptions (where eligible). One thing I always lean on is the idea that just because I am single, I am not alone. Hopefully you’re surrounded by a lovely tribe of friends and family, who might happily share some of those financial burdens with you. I share my Amazon Prime and Netflix subscriptions with a whole bunch of my besties. And you could always add your brother or best bud to your car insurance to score a little multi-policy discount.
The singles tax can often slip under the radar. So, if you’re feeling the squeeze compared to your coupled-up pals, try and initiate an open conversation to talk about budgets and what you can afford.
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