Single Aussies cop up to $14,820 ‘tax’

Single Aussies are paying more than their coupled-up counterparts. (Source: Getty)

Being single on Valentine’s Day can be a drag but new research has shown just how much more singletons are forking out compared to those in a relationship.

Between interest rate rises and soaring costs, living without a partner has become an expensive and debilitating burden for the 24 per cent of single Australians, according to the data from the Australian Institute of Family Studies.

A recent Compare the Market study revealed singles were forking out more money, time and effort for their rent, groceries, travel plans, health insurance and dates than their coupled-up counterparts.

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“We all know a single person who loathes Valentine’s Day and, as our new research shows, singletons may actually be onto something,” Compare the Market’s Phillip Portman said.

“If the bouquets of roses and fancy chocolate weren’t enough, it seems like singles are left with a higher cost of living than those in relationships.”

According to Compare the Market, single people could be missing out on serious savings.

The total difference between what a single person might pay for renting a unit or house per year, compared to what a couple might pay, could be more than $13,494-$14,820 per year.

When considering the added costs of dating, solo travel and even daily expenses like energy use, fuel costs, groceries and more, that figure climbs even higher.

“The cost of living has blown out significantly in recent times and singles across the country could be feeling that pinch a little bit more,” Portman said.

“If you don’t have someone to split the costs with, things like rent, energy bills, insurance premiums and even grocery shopping can easily add up.

“If you’re still solo, it’s a great idea to consider a budget and to sniff out the best deals and plans that are available. You don’t have to break up with your lifestyle but spending a bit more time focusing on your finances can leave more money in your pocket.”

Renting and buying a house

Regardless of whether someone has decided to rent or buy – the cost of living doesn’t come cheap.

“Being able to divide the rent, mortgage repayments and bills can come in handy, which is why it can be cost-effective for singles to have roommates to help ease the financial burden,” Portman said.

“But when it comes to borrowing power, singles can often be more limited than their coupled-up friends.”

According to CoreLogic, the average cost of renting in Australia is $519 per week for a unit and $570 per week for a house. But if you’re living in the city, this cost could be much higher. Single people who don’t have another person to share this financial burden have to pay the full cost. A couple would only have to pay half this figure, so they therefore only pay $259.5 per week for a unit and $285 per week for a house each.

Cohabitating couples paying the average rental cost could be up to $13,494 per year better off simply by living together in a unit, or $14,820 per year if they lived together in a house.

Groceries and eating out

Compare the Market found the average Aussie spent $194.22 weekly on groceries. But trolley totals vary anywhere from $80 to $300, depending on how much someone eats out, stays in and what kind of meals they cook.

“Meal prepping and buying in bulk are great ways to save money, however, this is easier to do in couples or families, as they would generally be able to eat the food before it spoils and share the workload in who meal preps,” Portman said.

“But it’s more than money that single people are missing out on – couples who share meal prep duty can relax on their week off while their partner does all the hard work, but a single person doesn’t get a week off from meal-prepping duties.”

Dating apps and getting date-ready

Single Aussies spend $42.8 billion on dating each year, according to 2022 research from ING. And dating apps are also big bucks, with singletons forking out a collective $500 million each year in swiping right and looking for love.

The average person spends $154.16 on a first date when factoring in new shoes, stylish hair and a wardrobe update. Portman said the costs could easily blow out for those searching for “the one”.

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