In America, many singles face a higher cost of living which is putting even more of a financial strain on budgets already impacted by the cost of living crisis and a possible recession. As single lifestyles are on the up, affordable living solutions for non-traditional households are needed.
A Forbes Advisor and Prolific survey of single and non-single US adults has shed light on the ‘singles tax’, with 93% of singles acknowledging the burden of the tax and one-third of survey respondents admitting to staying in a relationship to take advantage of the financial benefits. The survey also found that 14% of people stayed in a relationship because their partner was supporting them financially.
In New York City being single can cost people as much as $19,500 more than living with a partner, with singletons in Manhattan paying roughly $24,000 more per year for living costs. And as 46% of Americans aged over 18 are single, according to the U.S. Census Bureau statistics, with eight in 10 Americans saying that “you don’t need to get married to have a happy and fulfilling life” single stigma is gradually lessening.
The recalibration of life milestones is seeing a large number of people opting not to shack up with partners or get married, despite the undeniable financial implications. With six in 10 single Americans saying that “dating is becoming an unaffordable luxury” and eight in 10 saying they’d like to see the government offer more tax breaks for single people, offering alternative living set-ups and financial respite can help aid this growing cohort of singletons.