How much you can save often depends on your financial situation, lifestyle, and where you live.

 

In the UK, households save an average of around 10% of their disposable income, but for many people, especially those living alone, putting money aside each month can be far more difficult. While some can consistently build savings, others save more irregularly, with living costs varying significantly depending on the city they live in.

As part of a wider study, the credit card experts at Zable analysed the annual cost of living alone against average take-home salaries across UK cities to reveal how much single people could realistically save each year. The study also compared this with couples to uncover the gap in potential savings.

 

The UK cities with the biggest ‘single saving gap’

 

City

Estimated yearly savings (single)

Estimated yearly savings (couple)

Savings gap

London

£8,661.72

£19,814.35

£11,152.63

Edinburgh

£7,349.11

£16,428.85

£9,079.75

Oxford

£6,143.75

£14,911.71

£8,767.96

Cambridge

£8,491.21

£16,917.25

£8,426.04

Brighton and Hove

£4,123.84

£12,339.50

£8,215.66

Bristol

£7,177.20

£15,242.33

£8,065.13

Manchester

£9,692.26

£16,507.44

£6,815.18

Milton Keynes

£9,044.65

£15,682.84

£6,638.19

Exeter

£5,944.45

£12,415.25

£6,470.80

Portsmouth

£7,848.89

£14,110.92

£6,262.03

 

Key findings include:

 

  • London has the biggest savings gap, with single residents saving an estimated £8,662 per year, compared to £19,814 for those living as a couple – a difference of £11,153.

  • Singles in Aberdeen are able to save the most overall. With an average take-home salary of £34,997 and annual solo living costs of £18,696, residents living alone could save an estimated £16,302 per year.

  • Derby ranks second among the cities where singles are able to save the most, with estimated yearly savings of £15,785, followed by Coventry at £13,239.

  • On average, the study found a £5,982 savings gap between people living alone and those living as a couple.

  • Brighton and Hove ranks as the least affordable UK city for solo living, with annual living costs swallowing nearly 87% of average take-home pay.

 

You can read the full study here >



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