Single Brits ‘Make Savings’

Although those Britons who are not in a relationship may not have anyone to cuddle up to at night - they have more money, new research indicates.

In a study carried out by Fool, it was revealed single people are making total savings of some 3.7 billion pounds in expenditure compared to those people with a significant other. Research from the financial services firm showed that the average singleton spends 12 pounds 06 pence every month on takeaways and cosy nights in watching DVDs. However, for people with a partner the amount that is splashed out on this area surges to 20 pounds 63 pence. Meanwhile, it was pointed out that people without a spouse shell out 40 pounds per month on socialising with friends, down from the 47 pounds 80 pence recorded for those Britons who are taken. Overall, the average single person is some 255 pounds 42 pence better off on a month-by-month basis in comparison to their “coupling counterparts”.

As such it is possible that single people may be in a better position to cope with numerous demands on their spending such as “Personal Loan”, utility bills and credit and store cards.

Furthermore the research indicated that the typical single Briton spends 281 pounds every month on household bills and rent. In comparison those who are in a relationship contribute some 500 pounds to this area. In addition, Fool suggested that Londoners are most concerned with their appearance, with those living in the city spending some 17 pounds on grooming. Such a figure places their expenditure above anyone else in Britain. The study also showed that about two in three (63 per cent) people from the capital spend both time and money on looking good for their loved one.

In addition, single Brits splash out an average of 32 pounds 75 pence on clothes each month. However, for people with a partner this spending rises to 37 pounds 65 pence. The study also indicated that the highest proportion of single people are from Wales, with some 42 per cent of consumers from the principality reported to have spent last Valentine’s Day alone.

David Kuo, head of personal finance at Fool, said: “Money can’t buy you love but it can help to ease the burden as pay day gets further away and the bills start rolling in. We’re not suggesting that money will ever replace the warm glow we feel from our loved ones but if you can’t be with the one you love, then learn to love your wallet. By investing a little time in our finances, we can ensure that we’re financially sound for the moment when we do meet ‘the one’, so that the financial fairytale has a happy ending.”

Whether looking to splash out on a gift for a loved one or on themselves, a low-cost loan could be of financial assistance to Britons, whatever their marital status is. In taking out this type of loan it is possible that consumers will be left with affordable repayments to make each month. Meanwhile, a recent Alpharooms study revealed that over half (56 per cent) of Britons would have liked to have been taken away for Valentine’s Day, with a fifth desiring a romantic meal for two.

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