UK Wedding News
12/05/2014
In face, since 1974, the number of Britons living by themselves has more than doubled, with 19% now living on their own. This is around 8.7 million adults in the UK, compared to 3.8 million 40 years ago.
The biggest increase in solo-dwellers was found in the 35-44 age bracket, with just 148,000 single households in 1974 made up of people aged between 35 and 44 – but this has since risen to 1.2 million.
In addition to living alone, people are also living for longer. For example, those in their 60s and 70s will live alone for 10 years over the course of their life, while young adults – aged 20-30 – can expect to live alone for a total of 15 years. The report said this is due to a combination of people living longer and lifestyle changes, such as marrying later and higher divorce rates.
Interestingly however, while a jump in divorce rates does contribute to this trend, of those who live alone, almost half (49%) do so either because they enjoy their independence, don't feel ready to live with somebody else or prefer to live alone to help focus on their career.
Living alone can have its disadvantages though, as solo dwellers spend £1,826 more per year on housing and utilities than a couple. For example, single households were found to pay £1,392 more on mortgage and rent than someone living in a couple, £294 more on utilities and £140 more on household goods and services. Overall, a singleton will spend 6% more compared to someone living in a couple household.
The impact of having to spend more on the cost of living means that solo dwellers have less money to spend on dining out, shopping and leisure activities, and less to put aside as savings. For example, the average couple household will have £6,000 in savings – three times more than the average solo dweller who has just £2,000.
Richard Rowney, LV= Managing Director, Life and Pensions said: "People's living arrangements are changing and more people are choosing to hold onto their independence for longer and live alone.
"Whilst the freedom of living alone has many advantages, it is important to realise the financial cost of independence. A worrying number of people do not have a sound backup plan, such as income protection, that would help them to meet their financial commitments if they were unable to work.
"Although some say that they would live on their savings, it is clear that what they have managed to put aside would not stretch very far. As 8.7 million people now live alone, that is a huge number of people in the UK who would find themselves in a vulnerable position if they lost their source of income."
(JP)
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Number Of Britons Living Alone Doubles
More people in Britain are living alone for longer, according to new research from LV=.In face, since 1974, the number of Britons living by themselves has more than doubled, with 19% now living on their own. This is around 8.7 million adults in the UK, compared to 3.8 million 40 years ago.
The biggest increase in solo-dwellers was found in the 35-44 age bracket, with just 148,000 single households in 1974 made up of people aged between 35 and 44 – but this has since risen to 1.2 million.
In addition to living alone, people are also living for longer. For example, those in their 60s and 70s will live alone for 10 years over the course of their life, while young adults – aged 20-30 – can expect to live alone for a total of 15 years. The report said this is due to a combination of people living longer and lifestyle changes, such as marrying later and higher divorce rates.
Interestingly however, while a jump in divorce rates does contribute to this trend, of those who live alone, almost half (49%) do so either because they enjoy their independence, don't feel ready to live with somebody else or prefer to live alone to help focus on their career.
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Living alone can have its disadvantages though, as solo dwellers spend £1,826 more per year on housing and utilities than a couple. For example, single households were found to pay £1,392 more on mortgage and rent than someone living in a couple, £294 more on utilities and £140 more on household goods and services. Overall, a singleton will spend 6% more compared to someone living in a couple household.
The impact of having to spend more on the cost of living means that solo dwellers have less money to spend on dining out, shopping and leisure activities, and less to put aside as savings. For example, the average couple household will have £6,000 in savings – three times more than the average solo dweller who has just £2,000.
Richard Rowney, LV= Managing Director, Life and Pensions said: "People's living arrangements are changing and more people are choosing to hold onto their independence for longer and live alone.
"Whilst the freedom of living alone has many advantages, it is important to realise the financial cost of independence. A worrying number of people do not have a sound backup plan, such as income protection, that would help them to meet their financial commitments if they were unable to work.
"Although some say that they would live on their savings, it is clear that what they have managed to put aside would not stretch very far. As 8.7 million people now live alone, that is a huge number of people in the UK who would find themselves in a vulnerable position if they lost their source of income."
(JP)
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