Nearly half (45 per cent) of adults think it is easier to plan ahead for retirement when savers are in a long-term relationship, according to research by Phoenix Group.
Think tank Phoenix Insights carried out research with UK adults aged between 45 to 54 to look at how relationship status can affect retirement preparations.
It found while almost half think its easier to plan when in a relationship, 16 per cent disagreed with this.
The financial cost of being single can make saving for retirement more difficult, particularly for those who live alone and pay living costs – such as rent, mortgage, utilities and food – from one income.
Figures from the Office for National Statistics found people who live alone spend on average 92 per cent of their disposable income each month, compared with people in two-adult households who spend only 83 per cent.
This leaves less money to put towards their long-term savings.
The research highlighted the importance of reviewing finances and planning ahead when income is squeezed.
It also looked at who is regularly saving for retirement with 48 per cent of midlifers (45-54) in a relationship regularly putting money towards their future retirement income, compared to 37 per cent who are single.
Patrick Thomson, head of research and policy at Phoenix Insights, said: “Single people typically pay more on bills and other daily expenditures than those in a couple with two incomes where costs can be shared.
“This squeeze on income not only affects short-term finances but can have knock-on effects on the ability to save for retirement.
“The cost-of-living crisis has squeezed incomes further so it’s more important than ever that people take stock of their current and future spending needs and put a plan in place for their long-term savings.”
Thomson said as many as 18mn people in the UK are not adequately financially prepared for retirement so regardless of relationship status, there is a pressing need for people to take steps to boost their long-term savings.
“Often simply thinking about finances is the greatest challenge of retirement planning, and kick-starting this journey will enable people to be better prepared for their future,” he said.
Figures from the 2021 census showed the proportion of one-person households in England and Wales decreased since 2011 in all age groups apart from the mid-50s to 60s group which has seen an increase.
The increase is most pronounced among those aged between 60-69.
Thomson added: “While the UK has generally seen a fall in the number of people living alone over the last 10 years, the age group closest to retirement has bucked this trend.
“There could be many factors at play for this, including later life divorce and separation, and this could make retirement saving more difficult if facing increased living costs.
“Those who find it harder to keep saving as they approach retirement age can seek further guidance from their pension provider or free online service such as MoneyHelper.”
