Living alone in Brighton is costing thousands more every year.
Brighton breaks the top 3 when looking at the risk singles have of falling into debt. The seaside city has a singles tax of £8,834, paired with £2,010 of average debt and just 58.40% with sufficient emergency funds, meaning singles in the area are walking a tightrope between being financially comfortable and falling into debt.
In Portsmouth, those living solo are paying close to £6,900 more.
Cities outside of England like Aberdeen, Glasgow, Belfast and Edinburgh all show the lowest debt risk for singletons. Many have lower debt rates than the rest of the UK, higher numbers of emergency savings and mid-range singles taxes putting them in a better financial position.
John Pears, UK CEO at Lowell comments on how single people are more at risk of falling into debt:
“Living alone isn’t just expensive as we’ve found in our report. Those living in single occupancy homes are often more at risk of building debt or falling further into debt. The lack of emergency savings, taken up by increased premiums for rent, council tax and food make it harder for single people to be more financially secure.
“Single people also can’t spread costs if they lose their job. While couples can make up for each other's drop in income, single people immediately find themselves with no cash flow. If an appliance in their home breaks, they’re liable for the entire cost. Less disposable income means less savings to fall back on to mitigate income shocks or freedom to invest money to build future wealth.
“Although there are already some initiatives that help single people to manage their money, there’s more the government can do to support. Currently the single persons council tax discount is 25%, with many people calling for the discount to be increased to 50%. They could also provide credits for solo renters or homeowners to help offset higher per-person costs for essentials, utilities, and housing.
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