Young, Free and £4 Billion Richer

Tug on the heart strings to loosen the purse strings

Following all the romance and coupledom chat over the last few weeks there’s finally some good news for singletons, as research¹ reveals how single Brits are financially better off than those in a relationship – to the tune of £3.7 billion.

The research, carried out by leading independent personal finance website Fool.co.uk, reveals that singletons get the better end of the deal when it comes to forking out for bills, rent, drinks with friends and DVD nights in. The average single Brit is £255.42 per month better off than their coupling counterparts – taking the national total to just under £4billion per year.

The average footloose and fancy free Brit spends £281 a month on rent and bills, compared with the £500 paid out by someone in a relationship – meaning the singletons make a massive £2,600 saving per year on rent alone.

When it comes to dining with friends, single Brits make another big saving when paying the restaurant bill. The average Brit in a relationship spends £39.50 per month when dining with friends – compared with just £22.85 forked out by singletons.

The research also shows:

• Costly curries – Brits in a relationship spend an average of £20.63 per month on take-away and DVD nights in, while their single friends spend just over half that amount (£12.06).
• Opulent outings – reckon singletons are constantly out socialising and scouting for a new love interest? The research shows they’re more likely to be drowning their sorrows home alone. Those in a relationship spend an average of £47.80 a month out with friends, meaning couples spend £72.00 per year more than their single counterparts, who average just over £40.00 per month.
• Dress to impress – single Brits spend an average of £32.75 per month on new clothes, while their friends in relationships spend £37.65. The extra £58.00 per year spent on clothes by Brits in a relationship shows that as a nation, we’re keen to impress our lovers.
• Lookin’ good in London - Londoners spend an average of £17.00 per month on their looks – more than any other region in the UK. The capital is also home to one of the highest concentrations of couples in the country, with almost two thirds (63%) of Londoners looking good for their lovers.
• Whet your appetite in Wales - both singletons and couples should look no further than Wales for the ultimate value night out. The Welsh spend an average of £13.00 per month on dinner – the lowest total in the UK. Coincidentally, Wales is home to the highest proportion of singletons in the UK, with just under half (42%) of the Welsh spending this Valentine’s Day without a lover.

David Kuo, Head of Personal Finance at Fool.co.uk says,

“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.”

-ENDS-

Notes to Editors

¹ ICM interviewed a random sample of 1050 adults aged 18+ via online between 8^th -10^th February 2008. Surveys were conducted across the country and the results have been weighted to the profile of all adults. ICM is a member of the British Polling Council and abides by its rules. Further information at www.icmresearch.co.uk

² £3.7 billion has been calculated in the following way:

32% of Brits surveyed are single which equates to 14,684,800 Brits over 18 nationally (based on 45.89 million British adults – source ICM

14,684,800 single Brits x monthly saving of £255.42 = £3,750,791.616

For further information and/or to arrange an interview with David Kuo, please contact:

Sonia Rehill

DD: 020 7297 8159  soniar@fool.co.uk

About The Motley Fool – www.fool.co.uk

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