Single people are putting more money into a
savings account than their married counterparts, a new study has revealed.
According to research conducted by National Savings and
Investments (NS&I), singletons allocated around 8.68 of their income to a
savings account during the last quarter, compared to 6.92 put aside by those married or living with a partner.
The findings indicated that single people have been more efficient savers than couples for the last five years, as they tend to set themselves higher goals for saving due to sole financial management.
Some 71 per cent of single respondents said their savings went towards luxuries such as new clothes or a holiday, while the majority of couples put money aside for financial security.
Tim Mack, NS&I Savings spokesperson, said the findings proved that single people were saving money responsibly.
"It's great to see that single people are saving a larger percentage of their income by setting themselves specific savings goals," he said.
"Our research shows that nearly a third (31 per cent) of single people use targets to help them manage their money, compared to less than a quarter (23 per cent) of married or cohabiting individuals."
