Money

MONEY MATTERS FOR SINGLES

Money, Finances, and Budgeting for Singles

Everything You Need to Know About the Price of Being Single

Everywhere in the UK, people are facing financial turmoil. In the last few years, we’ve seen a massive increase in issues like job instability, rising housing and cost of living costs, and wage stagnation. There’s no escaping it – we’re in a money crunch.

But all of these problems are impacting one group more than others: single people. The price of being single is growing – and fast. Single people don’t need to be told that life alone is expensive. You’ve got the same bills as couples, from heating and rent to electricity and broadband, without the benefit of being able to split costs with a partner.

On average, new research shows single people pay around £3,844 more per year on household bills compared to couples, and bills swallow up 54% of a single person’s income. Sounds unbelievable, doesn’t it?

Crunch the numbers, and you’ll see the difference. Single people spend about £828 a year on communications (broadband, phones, etc.), compared to £628 per person in couples. They’re also spending more on food, recreation, utilities – just about everything.

The only “support” you get as a single person is a 25% reduction on your council tax bill.  (Why not 50%?)

It’s no surprise that analysis by Hargreaves Lansdown found people living alone feel less financially secure than couples. Singles are left with just £42 at the end of the month, compared with couples who have about £383 each left over. The current financial landscape for single people means:

• Most single people have no money left over for savings at the end of each month.
• More single people are forced to rent instead of buying, putting them at the mercy of rising rent costs in a difficult Save economy.
• Single people face higher threats from the cost of living crisis because they can’t take advantage of travel, food, and other offers designed for couples.

Overall, comparing the spending of people living on their own with couples, researchers found that single people pay “a hefty financial penalty” for going it alone. 61% of Brits agree the singles tax is unfair, and even 54% of couples think companies should offer fairer discounts to single households. What’s your experience? 

The Independent Guide to the Price of Being Single

The “single tax” is a real problem in the UK (and around the world), and it just keeps getting bigger. Arguably, the price of being single could be more of an issue for most single people than common concerns like the threat of loneliness or social discrimination.

The issues affect all of us. 29% of single 18–40-year-olds have no emergency fund, compared to 16% of people in relationships. Countless older singletons are left to face cost-of-living problems and economic upheaval alone.

Here, you’ll learn all about the true cost of being single, the extra “fees” you might not have known about, and most importantly what you can do to stay financially secure.

Remember, we’re a totally independent group, working on your behalf to help you find the best deals and opportunities to ensure your financial freedom. Join the just4one community, and learn how to fight back against the “single tax”.

SINGLES MONEY ARTICLES