Young adults staying in relationships to make living costs affordable
The ‘tax on being single’ revealed in new survey
- A new survey reveals that one in five young adults in the UK, aged 18 to 40, are choosing to live with a partner primarily to manage living costs more affordably.
- The research highlights a significant financial disparity, with single individuals less likely to have an emergency fund (29 per cent) compared to those in a relationship (16 per cent).
- Single savers put aside an average of £301 per month, which is roughly half the £609 saved by those in a relationship, underscoring increased financial strain for single people.
- Jim Islam, CEO of Lifetime Isa provider OneFamily, suggested that some individuals might be staying in unhappy relationships due to the high cost of living, describing it as a "tax on being single."
- Mr Islam stressed the importance of financial independence and good savings habits, advocating for these topics to be taught in schools to build financial resilience.