A new study by Aviva reveals that adults who are single or live alone are more than twice as likely as the general population to struggle with an unexpected expense of £850. According to the research, 58% of those surveyed who live solo would be unable to handle such a bill, compared to just 23% of all adults.
Financial strain on solo dwellers
People living alone typically spend over £1,200 a month on fixed costs alone, before any discretionary spending on socialising, holidays, or hobbies. This financial pressure is compounded by limited savings: more than a third (37%) of solo-dwelling adults say they do not save anything on a regular basis. Among those who do save, 42% contribute to a cash Isa.
Breakdown of monthly expenses
The survey found that single adults spend an average of £633.95 per month on essentials such as food, utilities, council tax, and transport. Including rent or mortgage payments, the average monthly outlay rises to £1,143.16 per person. Adding other fixed costs like broadband, mobile phone bills, insurance, and subscriptions brings the total to £1,230.91 per month.
Alistair McQueen, head of savings and retirement at Aviva, noted that the absence of a partner to share costs with makes saving more difficult and increases vulnerability to financial shocks. He offered several suggestions for strengthening finances, even on a tight budget:
- Aim for a realistic and accessible savings safety net to cover unexpected costs before focusing on long-term goals.
- Set up regular, automated transfers into savings from monthly salary.
- Review broadband, mobile phone subscriptions, and streaming services regularly to identify savings.
McQueen also highlighted tax-efficient Isas and free online budgeting tools available through government-backed services like MoneyHelper.
The survey, conducted by Censuswide in March, polled 2,100 people across the UK.
