Single people 'better at saving', says UK survey

Single people are better at saving than those who live with a partner, a British survey suggested today.

The average person who lives on their own saved 8.68% of their monthly income during the three months to the end of August, compared with the 6.92% of their pay set aside by someone who was married or cohabiting, according to National Savings and Investments.

The results of the research were contrary to what the majority of people expected, with 55% of people saying they thought couples were better at saving, and only 28% saying they thought single people set aside more money.

Many people thought couples living together would be better savers because they were more likely to have specific goals, such as saving towards a deposit for a house or towards the cost of starting a family.

But the study found that not only did single people save more, but they also set themselves higher savings targets, aiming to set aside 18.07% of their income each month, compared with the 14.71% that people who were part of a couple aimed to save.

They were also more likely to set themselves goals, with nearly a third of single people setting savings targets, compared with just 23% of those with a partner.

Seven out of 10 single people said they were strongly motivated to save because they did not have anyone else to rely on financially.

But while 74% of people who were part of a couple were saving towards long-term goals, such as financial security, 71% of single people had chosen short-term goals, such as setting aside money to pay for clothes or holidays.

Tim Mack, NS&I Savings spokesman, said: "Looking ahead, the trend that we have identified seems set to continue, as nearly a third of singletons say they are more likely to save in the coming three months, compared to just 16% of those people who are married or cohabiting.

"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."

The research also found that more than half of all people were now setting aside money on a regular basis, the first time this has been the case since the winter of 2007/2008.

The amount of money people are saving has also reached its highest level since then at 6.98% of their pay, the equivalent of £87.37 (€100.24).

But consumers are still falling well short of their savings targets, with people previously saying they had hoped to save 15.14% of their income during the period.

TNS questioned 3,015 people between June 4 and August 8.