It costs €1,000 more per month to be single than in a couple

A study published by online savings platform Raisin on the eve of Valentine’s Day shows single people need to earn more than €82,000 a year to afford the same lifestyle as the average couple, who only need a yearly income of €36,108 each to cover their expenses.

Median annual earnings in Ireland in 2022 were €41,824.

According to the research, singles shell out more than €2,307 a month on general expenses such as housing, utilities and food. The same lifestyle costs couples €2,535 a month, or €1,267 each.

The study was based on how much it costs to pay a mortgage on a two-bed semi, own a car and spend a maximum of 50pc of your monthly income on essentials such as bills, housing and food. The calculations include setting aside 20pc of the average income on savings.

The costs for renters were higher.

A single person renting a home spent an average of €2,326 a month, while couples would need to shell out an average of €2,554, or €1,277 each.

It means singles need to find well over €1,000 a month more than their coupled-up friends to maintain the same lifestyle.

According to the 2022 Census, the number of single people is on the rise.

One-person households now make up almost a quarter (23pc) of the population, an increase of 7pc on 2016.

Women and older people are most likely to be living alone, with 52pc of singletons identifying as female in the last Census. Almost half – 44pc – of those aged 85 and over live alone.

“These figures paint a stark picture when it comes to how much a single person would need to earn in order to have the type of lifestyle that the average couple can take for granted,” said Monica Pina Alzugaray of Raisin Bank.

“With the ongoing cost of living and housing crises, these numbers are unlikely to get much better any time soon.”

She advises those who can afford to open a flexible savings account and top up with small amounts when possible to help set aside more money for the future.