Coronavirus: 17.5 million single Brits under more financial pressure

Single people in the UK are feeling the strain financially due to COVID-19, with 17.5 million single Brits under more financial pressure in the face of the pandemic, according to new research from Lloyds Bank.

A quarter (25%) of single people are more worried about their financial situation due to the impact of the coronavirus pandemic, compared with the start of the year, the survey of over 2,000 British adults found.

Some 39% are worried about not being able to make ends meet, 36% are concerned about spending all their savings, while a third (33%) are concerned about job stability.

Nearly one in four (24%) UK singles are worried about being able to cover the cost of their weekly shopping.

In order to keep on top of their financial wellbeing, 38% of UK singles are planning to reduce non-essential spending, 28% are looking to be more conscious of budgeting, and a quarter (25%) want to use cheaper alternatives to save money.

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The coronavirus pandemic has prompted the UK population as a whole to try and take control of their money, with over half (51%) reducing their non-essential spending and one in five (19%) reviewing their monthly outgoings in order to make cutbacks and save cash.

In November last year, 88% of singles were confident in their financial independence, but this has fallen by 12% to 76% this year.

Over half of Brits (51%) agree it is harder for single people to reach important life milestones compared with those in a relationship. Some 44% of respondents agreed that buying a house is easier for couples, and a quarter (24%) believe it’s easier to cope with financial problems when you have a partner.

Buying a house is the top ambition for single people, with 41% aspiring to this, compared with couples whose priority is having children (54%). Only one in five (19%) singles see getting married as an important milestone compared to 44% of people in a relationship.

Jo Harris, managing director at Lloyds Bank, said: “No matter your relationship status, the last few months have been incredibly tough, especially when it comes to people’s financial affairs.

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“Single people are undoubtedly more hard-hit when faced with a financial shock, as often, financial independence also means not having a back-up plan or someone else to step in and help.

“Despite these difficulties, our research shows that single people are focusing on their financial wellbeing, maintaining good habits, and building up security for the future.”

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