Want regular holidays, nights out or the ability to own a home? You’d better start dating…

  • Cohabiting couples are over £102 better off each month (more than £1,200 per year)
  • Singletons said they are less likely to be able to treat themselves than those who are married or living together. 
  • The vast majority of the UK population (91%) haven’t changed their relationship status in the last 12 months.

New research shows that cohabiting couples are £1,200 better off each year, highlighting  financial difficulty amongst those without a partner.

The survey also found that the vast majority of the UK population (91%) haven’t changed their relationship status in the last year, 65% were living together or married, 19% were single and 8% were in a relationship but not yet living with their partner.

Results showed that 34% of singletons said that they would not currently be able to afford any of the following:

  • a night out (without having to save),
  • a gym membership,
  • annual holidays abroad,
  • a weekend away every four months,
  • a new car every three years,
  • a new designer outfit every month,
  • a mortgage deposit,
  • mortgage repayments,
  • a pension,
  • a cleaner,
  • a gardener,
  • putting money into a savings account each month.

Just 23% of co-habiting couples were in the same situation.

When it comes to owning a home, almost half (44.55%) of all co-habiting or married couples said they could afford mortgage repayments, whilst less than a quarter (24.30%) of single people said the same. Feeling able to afford a deposit on a home was also higher amongst couples living together; disheartening if you dream of buying a property alone.

Saving was also much more difficult for the unattached: only 37% of singletons felt able to add an amount of money to their savings each month, unlike the 45% of cohabiters who find it easy to do so.

“Peoples’ relationship status has a real impact on their finances and in turn their ability to save and afford the finer things in life.  I’m not advocating that people should move in together before they’re ready, but for those already considering sharing a roof it definitely makes financial sense,”

commented an expert.

With this in mind, many couples are considering taking the plunge, moving in together and merging their finances, but whilst it seems that it’s better to be together, advisors are urging couples to, think about budgets, goals and other areas outlined in these top tips before committing to combine all things money-related.

The checklist includes researching the best joint accounts, planning your savings, splitting bills according to earnings, comparing budgets and agreeing who will take the lead when it comes to the organisation of your finances.

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