The true cost of being single

We’ve just about recovered from the Christmas spending frenzy and boom, here comes another financial hit - Valentine’s Day.  

If you’re single, you might avoid the cost of flowers, cards and fancy dinners, but did you know that being single actually costs you more in the long run? Quite a bit more in fact.  

Ahead of Valentine’s Day, Sky News has revealed that being single costs you a £2,533 more each year than if you’ve got a partner.  

Here’s why... 

In what ways is being single more expensive?  

Analysis by the Investment platform and ISA account firm Hargreaves Lansdown that was shared with Sky News shows that if you’re single you pay: 

• 22% more on rent, energy, and council tax than couples 

• 28% more on food bills  

• 32% more on phones and broadband  

• at the end of the month singletons are left with just £42 - £341 less than couples 

Why is being single more expensive?  

Sarah Coles, head of personal finance at Hargreaves Lansdown, sums it up:  

"They [single people] just don't have that extra money, so they're making these huge compromises in every bit of their life.” 

Housing costs 

If you’re flying solo, housing costs hit hard. Singletons spend an average £7,974 a year on rent, council tax and bills, while couples only spend £6,215 each.  

And because you’ve only got one income to rely on, it can be a lot harder to save for a deposit on a house. Not only that but as lenders typically consider a mortgage between four and five times a household’s annual salary, buying a property can be out of reach for many who live alone.

Food costs  

The cost of food is also more expensive for single people, who don’t typically have the luxury of buying bulk discounts and getting through family packs before the food expires.  

In fact, food costs single people £574 more a year compared to couples.