Being in a relationship costs £3,600 a year, study finds

Valentine’s Day, birthdays, Christmas and just generally keeping up with the Jones’s can spark panic at the best of times.

Yet not only does being in a relationship cost you financially - it can specifically set you back £3,600-a-year, new research suggests.

More than 4,000 UK adults were asked whether or not they were in a relationship and how well off they were financially.

The research, published today by Lloyds Bank, claims to have ‘debunked’ the myth of the so-called ‘single’s tax’.

It found that more than half (60%) of single adults in the UK have chosen the single lifestyle, with more women (66%) embracing it than men (53%) as new research from Lloyds Bank reveals that, although they may not think so, singletons are also better off financially.

The researchers found that independence and not dealing with relationship troubles are the main reasons for Britons choosing to be single.

They also analysed Office for National Statistics (ONS) data and found that singletons spend £300 less on living costs - or £3,600 less a year - than those in a relationship.

Harry Wallop, a consumer affairs expert, said the research was “surprising”. However he added: “It's worth remembering that the LloydsBank survey asked single people, not single households, which is usually the criteria that the likes of the ONS use.

“This importantly considers the financial benefits that shared housing brings – in that a single person could be living with four others and splitting their living costs five ways. It's also worth considering the large number of single people in their fifties and sixties - a demographic often overlooked - many of whom have paid off their mortgage and have lower outgoings.

“Another reason why single people could be better off is that they do not face as much pressure as couples when it comes to spending lots of money on presents around anniversaries, birthdays and Christmas – as someone who is married with four children, I definitely feel the pinch at this time of year!

“However, what is less heartening for singletons is that they also save less, according to this Lloyds survey. Finding someone to talk to about money may be harder to do if you’re not in a relationship but being open about your spending and saving is one of the secrets to having healthy finances.”

Michaela Hyde, executive director of the Marriage Foundation, added: “Making the best relationship choice for yourself is a positive move which for some means being single.

“However, today’s figures also show that just under half of all singles aren’t content. They want to join the majority of the adult population and be in a relationship.”