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.". Heir hunter reveals all about booming business. Renowned chef shares worst type of customer, most overrated food and cheap recipe.
Proportion of 25-34 year-olds living at 'hotel of mum and dad' up a third since 2006. 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. 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 £1,095, according to estate agent Hamptons. And there's no one to help shoulder the burden of heating it either. "Frightening" is how Hazel, 71, from London, described the price of keeping warm since her husband passed away. "The costs of gas in this country are shameful," said Hazel, who chose not to publish her surname. "For the most part, I dress in 25 layers and I don't put my heating on.".
Essential housing costs - rent or a mortgage, council tax and fuel - set single people back £7,974 a year on average, whereas couples spend £6,215 each, according to Hargreaves Lansdown. This £1,759 bill dwarfs the 25% council tax discount available to people living alone. 'Extortionate' food bills. Food offers no respite to singletons, who can't necessarily take advantage of bulk-buy discounts or get through family packs before the produce expires.
Steph, 30, from London, who chose not to publish her surname, said her weekly shop cost her £20 in 2015 - now it's an "extortionate" £50, despite cutting out meat and fish to save money. "In the past couple of years, being single is just so much more difficult than it used to be," she said. "I feel like I'm a bit forgotten.". Food costs single people £574 more a year than each person in a couple. Holidays are no break.
The single tax doesn't stop at the border. Since her husband Hugh died, Hazel has continued to take the cruises they once shared together to escape the loneliness at home. But she is often forced to pay a single-occupancy fee, a supplement that doubles the cost of a room, charging her the same amount as if Hugh were there. "It's fiendish," the former travel agent said. "Literally what I pay is what people next door pay for two of them. It's horrible - and that's the same for every single hotel.".
Death, love and savings. With higher outgoings and one income, singles find it more difficult to save for a house deposit - which they have to fork out for alone. Lenders also typically consider a mortgage between four and five times a household's annual salary, putting many properties out of reach for single people. This can mean they're left paying rent into retirement when couples have paid off their mortgage.
"It's a very difficult situation for single people," said Hargreaves Lansdown's Sarah. "You're going to have to build a massive pension or you're going to have to buy.". Just 20% of people with a mortgage live alone, according to Hamptons, and building a "massive pension" is just not an option for people like Lisa McQuoid, 44, from Colchester. Raising her 15-year-old son on one income - £1,300 a month plus £1,000 Universal Credit - has left the single mum unable to save.
