Latest data from the Office for National Statistics shows that the number of one person households is continuing to rise, up 16% to 7.7m over the two decades from 1997 to 2017. This is projected to hit 10.7 million by 2039.
This has largely been driven by older age groups and as a result of greater numbers of children born in the 1960s and exacerbated by an increase in singles and divorcees.
The higher cost of living on your own has also been highlighted, with those doing so spending 92% of their income leaving little room to save. The biggest expenditure is housing costs including rent and bills.
Those living alone are also less likely to own their own home giving them less opportunity to accumulate wealth through buying their home or paying off a mortgage.
In addition, living alone also has implications that stretch beyond the financial burden. One person households have the lowest measure of wellbeing of all house hold types.
Co-founder of ideal flatmate, Tom Gatzen said, “The current cost of living is making it tough for many to get by, but shouldering this financial burden alone makes it all the more difficult.
“While we are currently seeing an upward trend in single occupant living as a result of a growing population and social factors such as an increase in divorce rates, we are also seeing a similar increase across other living habits such as co-living.
“While living alone is more prevalent across older age groups, we’re seeing a growing preference amongst younger generations to live in share households. This is not only helping them to address the financial issues head on but can also help with other disadvantages associated with living alone such as a lower level of wellbeing.
“If properly considered and developed, this lifestyle trend could go some way in addressing the predicted uplift in those living alone over the next two decades and the negative impact that this could have on this segment of the population.”