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21 February 2006
British singles are suffering under a heavy strain of debt, according to figures from debt firm One Advice.
As many as one million singletons currently carry debts of over £10,000 - and are 50 per cent more likely to than married consumers. Singles are also four times as likely as the attached to debts as high as £20,000.
Research from the Institute of Public Policy found that singletons are on the rise. Almost 30 per cent of the British population now live alone, compared to 18 per cent in 1971.
With many students leaving university with debts of £12,000, the problem is only likely to get worse.
Chris Holmes, One Advice's chief executive, said that staying single can be tough in the wallet: "Living alone can obviously put a greater strain on your finances as you only have one salary covering all of the bills. This can be particularly difficult if you are trying to buy a home."
But he added that large debts could be avoided with careful budgeting, allowing singles to reduce outgoings and identify where costs can be cut.
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