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Singletons save more money than cohabiting or married couples

Singletons save more money than cohabiting or married couples

- Monday, 11 October 2010

Single people set aside a higher percentage of their wages each month compared to those with partners, as they have shorter term goals.

This could include going on holiday or buying new clothes without having to resort to borrowing or accruing credit card debt.

According to National Savings and Investments (NS&I), singletons saved around 8.68 per cent of their monthly income in the last quarter compared to 6.92 per cent for those who are married or cohabiting.

Furthermore, the study also found that single people have been the better savers for the past five years and rely on themselves to manage their own money and not get into debt problems.

Couples stated that they rely on their partners for financial advice.

For the first time since the winter of 2007/08 over half of the population (52 per cent) is regularly setting money aside into a savings account.

Tim Mack, NS&I Savings spokesman, said: "It's great to see that single people are saving a larger percentage of their income by setting themselves specific savings goals."

Scottish Provident recently found that one third of consumers do not have a financial safety net in case their main breadwinner is no longer able to work, which could lead them into debt problems.
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