More than half of single adults or those living alone would be unable to cope with an unexpected £850 bill, according to research commissioned by insurer Aviva. The survey found that 58% of this group could not handle such a surprise expense, compared with 23% of the general population.
Those living alone typically spend over £1,200 a month on fixed costs before any discretionary spending, the study revealed. Savings are also squeezed, with over a third (37%) of single adults saying they do not save regularly. Among those who do save, 42% contribute to a cash Isa.
The research, conducted by Censuswide among 2,100 UK adults in March, found that people living alone spend an average of £633.95 monthly on essentials like food, utilities, council tax, and transport. Adding rent or mortgage payments brings the average to £1,143.16 per person, and with other fixed costs such as broadband, mobile phones, insurance, and subscriptions, the total reaches £1,230.91 before socialising or hobbies.
Alistair McQueen, head of savings and retirement at Aviva, noted that not having another person to share costs with makes saving harder and increases vulnerability to financial shocks. He suggested aiming for a realistic savings safety net, setting up automated transfers to savings, and regularly reviewing subscriptions to strengthen finances.
