Cost of living alone hits 92% of income

Tuesday 09th April 2019 14:58 EDT
 

Latest data from the Office for National Statistics (ONS) shows that the number of one person households is continuing to rise, up 16% to 7.7 million over the two decades from 1997 to 2017. This is projected to hit 10.7 million by 2039. 

This has largely been driven by older age groups and as a result of greater numbers of children born in the 1960s and exacerbated by an increase in singles and divorcees. 

The higher cost of living on your own has also been highlighted, with those doing so spending 92% of their income leaving little room to save. The biggest expenditure is housing costs including rent and bills.

Those living alone are also less likely to own their own home giving them less opportunity to accumulate wealth through buying their home or paying off a mortgage. 

In addition, living alone also has implications that stretch beyond the financial burden. One person households have the lowest measure of wellbeing of all house hold types. 


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