Cost of living ‘stacked against single people’

SINGLE people spend £860 more a month on the cost of living than those in couples.

The cost of rent, groceries and household bills was much higher for single people living alone compared with couples, according to analysis from the broker Hargreaves Lansdown.

A single person spends £1,851 per month on rent, band D council tax, energy bills, food and drink, and subscriptions . But someone in a couple would spend £991 on the same services, it said.

Single people were also less likely to have sufficient emergency savings, at 53 per cent compared with 79 per cent of those in relationships, the poll found. They were less likely to have enough cash left over at the end of the month to be considered financially resilient, at 14 per cent compared with 47 per cent of those in couples.

Sarah Coles, of Hargreaves Lansdown, said: “Single people have less in savings, and less cash left over at the end of the month. They pay the price over the long term, too, as they’re less likely to be building equity in a property or saving enough for a moderate retirement income.”

Ms Coles added that money was particularly hard to manage for single parents, with three quarters having poor financial resilience.

“Even the tax system seems stacked against you,” she added. “There are specific tax breaks for people who are married or in civil partnerships.”