How much is being single costing you?
Article by Rebeccah Elley
With the single season fast approaching from November to January, otherwise known as the wining and dining season, Suncorp Bank has released the Cost of Being Single Report, which showed maintaining a ‘single’ lifestyle can often be a major money drain.
Australia’s 6.5 million singletons are spending a staggering $113 billion a year ($17,420 individually) on everything from weekends away and entertainment to personal grooming (hair and beauty products and massages).
The research showed these social and personal care costs are adding up, with one in four singles in debt by more than $10 000.
While 51% admitted they often thought about the need to save, three quarters revealed they don’t have a budget and give little thought to planning ahead for the additional costs over summer.
Suncorp advised Aussie singles to create a realistic budget, leave the credit card at home and take advantage of hibernating in the cooler months with a savings account. “High interest online savings accounts allow you to make your money work harder for you while still having full access in case of an emergency.”
The research indicated Aussies who are married or in a relationship think about saving more than singles.
Suncorp Bank’s regional manager Monique Reynolds said that Aussies who are married with families or in relationships tend to stay home most nights of the week or go out for one special occasion, compared to singles who are out and about at least twice a week or more.
“Singles are seven times more likely to spend big on entertainment, including drinks and going out to pubs throughout summer, compared to couples,” Reynolds said.