Singles more likely to dice with debt?

People who live on their own could be more prone to falling into debt, new research has shown.

A study by uSwitch.com revealed singletons can fork …

People who live on their own could be more prone to falling into debt, new research has shown.

A study by uSwitch.com revealed singletons can fork out around £250,000 more in essential living costs throughout a lifetime than those who are in a relationship.

The website noted the number of one-person households is set to increase to almost 9.5 million within the next decade, meaning finances could suffer as individuals attempt to survive on a single salary.

On average, necessary housing costs – including bills and food – amount to £11,904 a year for those devoid of a partner, while couples tend to spend only £7,110.

This equates to singles splashing out 67 per cent – or £4,794 – a year, just on basic essentials.

One person paying a mortgage or rent can expect to shell out in the region of £7,080 every 12 months, but those living with a spouse may only have to put forward £3,804.

Although afforded a discount, singletons still spend 43 per cent more a month on council tax – £90 every four weeks compared to the £27 paid by those with a partner.

Food bills can often add up to an annual £1,824 for consumers buying for one, while those who get to split the shopping payments are likely to fork out £432 less.

Ann Robinson, director of consumer policy at the portal, commented: “Increasingly, we are seeing evidence that to enjoy a good quality of life in Britain, a household needs two incomes.”

A recent Tax Action report from unbiased.co.uk revealed UK taxpayers may miss out on more than £3.9 billion in 2010 and 2011 by not claiming all tax credits available to them.

In contrast, research from 2008 run by Fool.co.uk found being single could be beneficial to your bank balance.

By Joe Shervin

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