Valentine’s Day might be a gift-giving occasion your wallet could do without, but it’s thousands of pounds cheaper than being alone.
Being single costs £2,533 more a year, Sky News can reveal. Suddenly, that box of chocolates doesn’t seem so expensive.
Single people are forced to spend 22% more on rent or mortgages, council tax and energy, 28% more on food and 32% more on broadband and phones.
This is according to Hargreaves Lansdown analysis shared exclusively with Sky News, which found singletons have just £42 left at the end of the month – £341 less than couples.
Read all the latest Money news here
“They just don’t have that extra money, so they’re making these huge compromises in every bit of their life,” said Sarah Coles, head of personal finance at the leading investment firm.
“And people who are in couples are lulled into a false sense of security and don’t think they have to worry about it.”
But be it via divorce or bereavement, everyone becomes single again if they live long enough, she said.
A single tax?
“It didn’t even enter my brain,” said Robert Macdonald, 56, from Swansea, whose relationship ended eight months ago.
“Definitely living a single life is a lot more expensive and people who haven’t done it probably don’t understand that.”
The refuse collector said everyday essentials have become dearer now he’s unable to split the likes of broadband and phone bills.
Communication devices cost singles £828 a year on average, while each partner in a couple pays £628, the data showed.
“The renting market out there is ridiculous,” added Robert, who has become one of 8.4 million people in England and Wales living alone.
Robert said it was ‘scary’ how fast rent was rising
He spends 41% of his £1,700 monthly salary on a one-bed flat, 11 percentage points more than what is considered affordable.
The average rent for a one-bed was £726 in 2015 – now it’s…
