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Being Single is Bad for Your Wealth
Statistical data suggest that married people are healthier, and live longer than singles. Whether or not you agree that being single is bad for your health, it’s certainly bad for your wealth, according to a recent financial survey of 2,000 adults living in the UK.
The survey found that one in ten single people felt that they had lost control of their finances. 40% said that they had suffered some sort of debt-related crisis, compared with 28% for married people. Many singletons in the UK appear to be living a hedonistic lifestyle, avoiding the responsibilities of marriage and buying a home, until as late as possible. Astonishingly, three quarters of the people surveyed aged between 25 and 34 said they didn’t know what their exact financial situation was.
In the UK, 18 – 25 year olds are facing debt problems and are having difficulties in repaying credit card bills, bank loans, and overdrafts. Now it seems that our younger generation of singletons is taking even longer to become adults, and start saving instead of spending.
The average age for marriage is now 28 for women and 34 for men, and both reach an average of 34 before they buy their first property. For either of these to happen, there has to be a fundamental change in lifestyle whereby people get to grips with their credit cards bills and bank overdrafts, and start to take better care of their finances by paying off their debts. For example, if you compare the financial situation of people who rent and people who have mortgaged a property, tenants are three times more likely to say they lost control of their finances than homeowners.
Given the huge debt problems faced in the UK today, the catch-phrase “young, free, and single” may soon sound rather “20th Century”.
About the Author: Diane Middleton is from the UK and offers financial advice from her own personal experiences on debt problems and issues relating to secured loans and other forms of credit.