Over half or 52 per cent of UK adults not in a long-term relationship say the financial pressure to meet retirement goals as a single person makes them anxious, according to My Pension Expert.
According to a survey of 2,000 adults, 56 per cent of single savers find it harder to save for retirement due to relying solely on their own income, with many feeling the financial burden of the “singles tax.”
This refers to the extra costs or disadvantages singles face compared to those in long-term relationships. While 59 per cent of partnered savers feel more secure about retirement, 53 per cent of singles feel at a disadvantage and half worry they’ll need to work longer than married individuals to save enough.
Overall, just 38 per cent of all savers feel confident in their ability to secure a financially stable retirement.
My Pension Expert policy director Lily Megson says: “Retirement planning is undoubtedly a challenge for everyone, but our research highlights the unique pressures faced by singles, who often bear the full financial burden of saving alone. Without the ability to pool resources, solo savers must stretch their income further, which can lead to increased anxiety and a sense of financial disadvantage.
“The number of people in the UK living in single-person households is growing, so it’s never been more important to address the financial shortfall that singles are battling. Regardless of gender, relationship status, or any other personal circumstances, people deserve to feel safe and secure in their retirement planning, rather than penalised.
“Retirement planning is complex and requires thoughtful engagement, yet many remain disconnected from the process. For single savers, the challenge is even greater as they prepare for their financial futures independently. This highlights the need for targeted government initiatives to support the savings efforts of this growing demographic, increasing access to financial education and advice for all will be key to bridging savings gaps amongst all.”
