The Hidden Costs of Being Single: A Financial Burden for Millions

By Brad Young, Money Feature Writer

As Valentine’s Day approaches, the financial implications of being single take center stage, revealing a staggering truth: being single can cost individuals over £2,500 more each year compared to their coupled counterparts. This eye-opening figure sheds light on the undue financial strain that single individuals face, impacting not only their own lives but also the financial ecosystem at large.

Financial Strain on Singles

A recent analysis conducted by Hargreaves Lansdown, shared exclusively with Sky News, highlights the hidden costs of single living. The study found that single people incur additional expenses across several essential categories: they pay 22% more on housing costs, including rent or mortgages, as well as council tax and energy bills. Food costs rise by 28%, while telecommunications expenses—covering broadband and phone bills—hit singles with a 32% increase.

Sarah Coles, head of personal finance at Hargreaves Lansdown, emphasized the stark reality for singles: “They just don’t have that extra money, so they’re making these huge compromises in every bit of their life. And people who are in couples are lulled into a false sense of security and don’t think they have to worry about it.”

Diminishing Disposable Income

The financial burdens outlined in the analysis take their toll on the overall well-being of singles. On average, singles are left with just £42 at the end of the month, a gaping £341 less than what couples typically retain. For many examples from the report, the struggle to stay afloat financially is all too real.

Robert Macdonald, a 56-year-old refuse collector from Swansea who became single eight months ago, shared his experience. “Definitely living a single life is a lot more expensive, and people who haven’t done it probably don’t understand that,” he stated. With an average communication bill of £828 per year for singles, compared to just £628 for couples, managing everyday expenses has become increasingly challenging.

Housing Costs: A Rising Concern

Housing costs present a particularly pressing challenge. The average rent for a one-bedroom flat in the UK has surged from £726 in 2015 to £1,095 today. Such figures represent a significant portion of a single individual’s budget. Robert revealed that he spends 41% of his £1,700 monthly salary on his one-bedroom accommodation, far exceeding the recommended affordability threshold.

Hazel, a 71-year-old from London, shared her own struggles with rising utility costs, stating, “The costs of gas in this country are shameful.” Since the passing of her husband, she has had to adapt her lifestyle significantly, even opting to layer clothing instead of using heating to save money.

Grocery Prices and Dining Alone

Food prices also reflect the financial challenges associated with single living. Many singles are unable to take advantage of bulk-buy savings, leading to higher weekly grocery bills. One London resident, Steph, noted that her weekly shop has jumped from £20 in 2015 to an “extortionate” £50, despite making sacrifices such as cutting meat and fish from her diet.

The average increase in food expenses for singles amounts to £574 more annually compared to what each person in a couple spends, making the notion of celebration—like enjoying a meal out—seem increasingly unattainable for many.

Travel and Recreation: A Financial Burden

Even leisure activities, such as traveling, carry an additional financial burden for singles. Hazel, who has continued to enjoy cruises after her husband’s death, described being charged single-occupancy fees, which can nearly double her travel costs. “It’s fiendish. What I pay is what people next door pay for two of them,” she lamented.

The Long-Term Impact on Savings and Retirement

The compounded effects of these higher living costs lead to challenges in savings and long-term financial planning. For instance, the average deposit required to secure a mortgage in the UK stands at £24,543, a daunting figure for a single person trying to save on a solitary income.

The financial landscape for singles becomes even more troubling as the prospect of retirement approaches. Hargreaves Lansdown reports that it costs singles approximately £31,300 a year to maintain a moderate living standard in retirement, compared to only £21,550 for each member of a couple. Despite this, only 31% of singles are on track for their pension savings, in stark contrast to 44% of couples.

Conclusion: The Need for Awareness

The financial burdens encountered by single individuals call for greater awareness and empathy from society. While Valentine’s Day may typically focus on romance and partnership, it is essential to recognize the unique challenges that many face when living alone. As Sarah Coles aptly put it, “Because it’s not in your face, you might think that you’re getting by, but the lack of long-term resilience is a big deal.”

With the number of singles projected to grow, it is critical to find ways to shift perceptions and support those navigating the financial trials of being single.