Few people are immune from the effects of the cost-of-living crisis, yet some demographics are feeling the strain more than others. Couples – whether they cohabit or not – can share the cost of some outgoings, but single people don’t always have the same luxury, especially if they live alone.
“The buck stops with them – they must shell out for rental or mortgage costs in full, along with utility and food bills and other household costs such as insurance,” says Alice Haine, personal finance analyst at Bestinvest.
“People living alone aged between 25 to 64 spend 92% of their disposable income on average, compared with 83% of two-person households, which means the hit from the cost-of-living crisis will be greater for singles.”
