One in five (19%) of Brits now live on their own, as the current generation between 20 and 30 are expected to have 15 solitary years in their lifetime due to larger life expectancies, higher divorce rates and marrying later.
Richard Rowney, LV= managing director of 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.”
But he added this comes at a cost, as solo dwellers spend £2,000 a year more on household bills than couples, while a quarter (24%) would run out of savings within a fortnight if they suddenly lost their income.
Nearly two out of three of all solo dwellers (60%) lack a financial back up plan such as income protection.
Single households pay £1,392 more per year on mortgages and rent than someone living in a couple.
Rowney said: “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.”
Solo-dwellers rose from just 148,000 in 1974 to 1.2 million in the 35-44 demographic.