New research from Aviva shows single occupant households are more exposed to rising costs because they have to cover bills alone
People who live alone are spending almost £1,250 a month on bills – and that’s before they think about any money for socialising or holidays.
New research from Aviva shows single occupant households are more exposed to rising costs because they have to cover bills alone.
According to the research, people who live alone spend on average a little over £630 a month on essential costs, such as food, transport, council tax and utility bills.
When rent or mortgage payments are added, monthly spending for single adults rises to £1,100 per person.
Once other costs, such as broadband and mobile phone bills, insurance and subscriptions are included, the total monthly spend rises to almost £1250 a month.
These come before any money is taken into account for socialising, holidays or hobbies.
Aviva says its study of 2,100 UK adults shows more than half (58%) of single people say they are not confident they could cope with an unexpected but necessary bill of £850, such as a car repair or boiler breakdown.
More than a third (37%) of adults who live alone say they do not save anything at all on a regular basis.
Of those adults who are saving and live alone, just over four in ten (42%) contribute to a Cash ISA and just over one in five (21%) use a Stocks and Shares ISA.
When asked what they would do with an extra £100 a month, the highest proportion (20%) say they would put it into a regular savings account, while 15% would boost their emergency fund.
Alistair McQueen, Head of Savings and Retirement at Aviva, said: “When you live alone, you shoulder the responsibility for every bill that hits the doormat.
“Our research shows that more than £1,250 a month is already committed for many single people, and nearly six in ten don’t feel confident they could cope with an £850 emergency bill.
“That helps explain why saving can feel so hard. However, even small, regular amounts set aside can still make a meaningful difference to people’s confidence and financial resilience over time.
“Our data shows that people living alone don’t necessarily spend much more on essentials than others do – but they also don’t benefit from sharing costs either. That gap is what makes saving more difficult and it’s harder to bear the cost of any financial shocks.”
