Is being single getting too expensive?

Cost-of-living pressures can feel overwhelming, so being able to split bills with a partner can be a huge relief.

But what about single people?

If you’re not in a relationship and live alone, then every expense - from rent and bills to food and maintenance - falls on your shoulders.

And that can have a big knock-on effect on your finances.

For example, research from OneFamily has found that almost one in three (29%) single people aged 18 to 40 don’t have an emergency fund.

That compares with one in six (16%) people in a relationship.

Similarly, young adults who are single are also putting less in savings.

Figures show that savers who aren’t in a relationship are saving an average of £300 a month.

By contrast, those who are in a relationship are saving £609 a month.

Young adults staying with partner to manage costs

Rising living costs are also opening the door to another problem - people staying with a partner because they can’t afford to live alone.

Figures show that more than one in five (21%) 18 to 40-year-olds have stayed in a relationship to help make living costs more affordable.

And that’s a real concern, particularly if there’s an element of abuse in the relationship.

“People are potentially staying in unhappy relationships because the bills are too high to contemplate managing on their own,” said Jim Islam, chief executive of OneFamily.

“It’s a tax on being single, made worse by the rising costs of bills.”

How to cut the cost of living alone

If you’re single and live on your own, there are a few ways to keep costs down.

We’ve put together some tips on how to cut the cost of living alone, such as:

• batch-cooking and freezing leftovers to reduce food waste
• downsizing to a smaller home, rather than paying for a space you rarely, if ever, use
• creating a rainy-day fund, so you can cover emergency expenses without having to borrow or dip into savings

It’s also worth getting on top of your budget, so you can clearly see how much money you have coming in and where it’s going.

Our budget calculator can help you identify where possible savings can be made, so you can prioritise your spending and free up cash for vital expenses.