In Australia the most recent census found a quarter of the population was single, with the Australian Bureau of Statistics forecasting a 65% increase in single households by 2036. The increase in singledom is being seen throughout the world. In Norway and Sweden half of all households are now singles.
When it comes to finances, singles can easily feel that the world is against them. Politicians constantly talk of the need to help “working families”. Yet what about those who through choice or the fall of the cards don’t fit that mould?
Housing affordability is tougher for singles. Bills like insurance and council rates don’t get any lower with only one person in the house. And there’s no-one to back you up through a period of financial adversity like redundancy or illness.
Singledom however does offer some benefits – removing the need to compromise being at the top of the pyramid.
When it comes to financial planning for singles, there’s 5 aspects you should consider.