Single households spend £2k more on bills
Those who live alone spend almost £2,000 a year more on household bills than couples, research has revealed.
More worryingly, a quarter of solo dwellers would run out of savings within two weeks if they suddenly lost their income, according to LV=.
People living on their own spend £1,826 a year more on mortgage or rent payments and utilities than an individual in a couple, even factoring in the single person's council tax discount.
Singletons pay £1,292 more on mortgage or rent than someone living in a couple, £294 more on utilities and £140 more on household goods and service. In total, someone living on their own will spend 6% more compared with someone living as part of a couple.
A knock-on effect of the increased outgoings that solo dwellers face is that they have less money to save. Those living as a couple save on average £6,000 - three times more than the £2,000 single households manage to.
Almost a third (60%) of single household don't have a financial back-up plan, such as income protection, if they lost their jobs. And nearly a third of those who did said they would rely on their savings if they were unemployed. This is despite the fact that almost a quarter of solo dwellers say that their savings would run out in a fortnight.
The number of people in the UK who are solo dwellers has doubled in 40 years to 8.7 million adults, with one-fifth of Brits now living on their own.
The cost of independence
Richard Rowney at LV= said: "People's living arrangements are changing and more people are choosing to hold on to their independence for longer and live alone. Whilst the freedom of living alone has many advantages, it is important to realise the financial cost of independence. A worrying number of people do not have a sound back-up plan, such as income protection, that would help them to meet their financial commitments if they were unable to work."