Britain’s singles are running up debts to maintain their lifestyles because their average income falls more than £300 short of the amount they feel they need to live comfortably.
One in six singles are overspending each month by running up credit card debts or overdrafts.
The average income for a single adult is £1,267 per month – £327 or 21% less than the £1,594 (net income) per month that people feel they need to live a comfortable life.
A third of overspending singles (35%) claim they overspend because they don’t have enough cash to make ends meet, while one in four (24%) admit they indulge themselves too much.
While the cost of living alone is expensive for some, the study disclosed those most likely to overspend are singles sharing accommodation, with 40% overspending to enjoy a lifestyle not matched by their salary.
Around 10 million singles (20%) fund their lifestyle with credit cards or personal loans, while one in six (16%) rely on bank overdrafts.
Roger Edwards, of finance firm Bright Grey, who carried out the survey, chastised the singles for putting themselves in a tough financial position for years to come as they struggle to repay debts and maintain their lifestyles.
“There is a real concern that for many people, high mortgage and rental prices can mean that spending choices are limited. Yet more worryingly, it seems that the average salary is far too short for some, who just can’t help but overspend in order to maintain their existing lifestyle or to make ends meet,” he said.
“While people are not going to make drastic changes to their spending habits, those living alone should ensure they have financial security in place and should avoid racking up massive levels of debt.”
He suggests singles should cut down their spending and live within their means.
