Single people save more than couples, according to a survey by National Savings & Investments (NS&I).
Singletons attempt to save over 18% of their income each month, which is about 3% more than married or cohabiting couples. This challenges the view, held by 55% of those polled, that married couples are typically the best savers due to shared goals and collective action.
Tim Mack, NS&I savings spokesman, said: “It’s great to see that single people are saving a larger percentage of their income by setting themselves specific savings goals. Our research shows that nearly a third of single people use targets to help them manage their money, compared to less than a quarter of married or cohabiting individuals”.
Almost 70% of singletons said they are motivated to save because they have no one else to rely on financially where as just over 40% of married or cohabiting people said they rely on their partner for money management and savings advice.
Single people also set themselves short term goals, such as saving for a holiday or buying new clothes, which are easier to meet than long term targets, like achieving financial security, that married couples tend to favour.
Mr Mack said: “With nearly a quarter of married/cohabiting savers admitting they don’t think they have enough money to cope in an emergency, it may be a good moment for couples to look to single savers when considering how to set aside a larger percentage of their income”.