Single savers face extra costs and anxiety in the race to retirement

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Over half (52%) of UK adults not in a long-term relationship say the financial pressure to meet retirement goals as a single person makes them anxious, new research by My Pension Expert has revealed.

The UK’s leading at-retirement adviser commissioned an independent survey of 2,000 UK adults. It found that 56% of single savers believe relying solely on their own income and savings makes it more challenging to save for retirement, with many feeling the weight of the so-called “singles tax.”

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The term ‘singles tax’ refers to the financial disadvantages or increased costs that singles may face compared to those who are married or in long-term partnerships.

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While 59% of savers in a long-term relationship say that having a partner makes them feel more secure about their retirement prospects, 53% of singles feel at a disadvantage compared to people in relationships when it comes to saving for retirement.

Half (50%) of singles are concerned that they may need to work longer than people who are married in order to save enough for retirement.

That said, the research reveals retirement planning challenges for all. Just 38% of all savers feel confident that they will have enough funds to enjoy a financially secure retirement.

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Lily Megson, Policy Director at My Pension Expert, said, “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.”

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