There are lots of great things about being single, from the sense of freedom to being able to star fish in bed. But having no one to split bills with can be a downside – or so we thought.
New research suggests those flying solo could be better off financially than they realise. In fact, single people spend less on living costs than those in a relationship, according to the survey of more than 4,300 people from Lloyds Bank.
Single people spend an average of £1,176 each month on living costs, including rent, bills, the food shop and socialising, the research found. The one area single people pay more than those in relationships is on treats for themselves, the survey suggests, such as clothes or hair appointments.
In comparison, people in relationships spend £300 more each month, an average of £1,476, with meals out and pricier holidays bumping up the cost.
People in relationships also spend more on rent/mortgages and commuting, according to the findings, with the strain of finding a home suitable for both people and their working day driving up the price.
The study may leave some questioning the data, though. Research released by the Office for National Statistics earlier this year found that in 2018, single people spent £21 a week more than individuals living as a couple.
The ONS research backed up the fact that couples spend more on leisure activities, but it found “whether they rent or own their home, the burden of housing costs is greater for one-person households”.
“People aged 25 to 64 who live alone spend a greater proportion of their disposable household income than two-adult households on rent, mortgages and other housing costs, including energy bills, water and council tax,” it said.
The ONS stats found people living on their own spend an average of 92% of their disposable income each month, compared with two-adult households who spend only 83% of theirs.
This is perhaps reflected in the latest Lloyds data, too. Although the researchers found single people are spending less, they also acknowledged they are saving less than their coupled-up counterparts. Single people save an average of £193 each month, the research found, compared to couples who save £234 each.